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Victoria Beckham’s clothes selling for up to 70 per cent off after company racks up £54million debt

Victoria Beckham’s designer clothes selling for up to 70 per cent off after company racks up £54million debt

 Her high end fashion company reportedly has debts of £53.9million.

And Victoria Beckham has resorted to selling the designer clothes for up to 70 per cent off. 

The 48-year-old fashion designer launched her fashion label in 2008 with a small collection of dresses.

Reduction: Victoria Beckham has resorted to selling the designer clothes for up to 70 per cent off 

It swiftly grew to an extensive range that now includes handbags, coats, shoes and accessories.

But now the brand faces an uncertain future as a spokeswoman for Victoria confirmed the figures for her fashion label with The Mirror. 

Luxury online discount store The Outnet has slashed prices on Victoria’s pieces, with the discounts being increased from the usual 30 per cent off to a whopping 70 per cent. 

Brand: The 48-year-old fashion designer launched her fashion label in 2008 with a small collection of dresses

One open-backed £1,845 turtleneck midi-dress has been reduced to a steal at £554, while one £650 leopard print blouse is being sold for £228.

MailOnline has contacted representatives for Victoria for comment. 

A report said: ‘Total revenues for the Victoria Beckham Holdings group fell 6% to £36.1m (2019 – £38.3m) due to the effects of the global pandemic.

‘This group rapidly responded to the effects of the pandemic and controlled its cash and expenditure which led to a significant reduction in its operating losses by 57%, thanks to cost efficiencies across the business and the recalibration of its business model to make it sustainable for the longer term.

Slashed: Luxury online discount store The Outnet has slashed prices on Victoria's pieces, with the discounts being increased from the usual 30 per cent off to a whopping 70 per cent

Slashed: Luxury online discount store The Outnet has slashed prices on Victoria’s pieces, with the discounts being increased from the usual 30 per cent off to a whopping 70 per cent

‘Victoria Beckham Beauty continues to expand its portfolio with a number of successful product launches in this year with best in class in clean luxury beauty and skincare.’ 

Despite the big losses, the Beckham’s global empire has reportedly doubled its profits. 

Annual accounts filed with Companies House in London showed the pair made £11.6m in the year ending December 2020 despite the pandemic – compared to £4.5m in 2019. 

Savings: One open-backed £1,845 turtleneck midi-dress has been reduced to a steal at £554, while one £650 leopard print blouse is being sold for £228

Savings: One open-backed £1,845 turtleneck midi-dress has been reduced to a steal at £554, while one £650 leopard print blouse is being sold for £228

In accounts submitted in 2021, auditors warned of ‘significant doubt’ about Victoria’s fashion company’s ability to continue operating when it was reported that the company had racked up debts of more than £46 million since it launched.

Friends of the star said at the time that she is determined to continue with her company even though her detractors have dismissed it as a vanity project. 

One said: ‘This is what gives Victoria her identity, she loves it and despite its obvious obstacles, she is a grafter and hugely passionate about it.’

Power couple:mDespite the big losses, the Beckham¿s global empire has reportedly doubled its profits - racking in £11.6 million in 2020

Power couple:mDespite the big losses, the Beckham’s global empire has reportedly doubled its profits – racking in £11.6 million in 2020

In February 2021, it emerged that Mrs Beckham’s beauty range she set up in 2019 had suffered a loss of £4.7 million.

A spokeswoman for Mrs Beckham said: ‘Whilst 2019 was a challenging year, the business halved its losses – a significant step in the road to profitability. The launch of the hugely successful beauty line in the same year helped drive overall revenues up 7% on 2018 and both businesses are focussed on profitable growth. 

‘The showcase of the recent AW21 fashion collection has been well-received by fashion critics and the beauty business has seen multiple sell-out products in recent months.’ 

Motivated: Friends of the star say she is determined to continue with her company even though her detractors have dismissed it as a vanity project

Motivated: Friends of the star say she is determined to continue with her company even though her detractors have dismissed it as a vanity project

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Read more at DailyMail.co.uk