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Victoria Beckham admits she wouldn't enter the fashion industry 'knowing what she knows now' and says she was 'naive' when she launched her brand which took 17 years to turn a profit
Victoria Beckham has revealed she wouldn't enter the fashion industry knowing what she knows now following her experience of launching her self-titled brand.
The fashion designer, 50, told Nicole Kidman during an interview for Vogue Australia that she was 'naive and innocent' when she began working on her label.
The mother of four admitted that if she had the knowledge of what it would be like she might not have the 'courage' to start the same journey today.
In January it was revealed that her once-floundering brand, Victoria Beckham, is finally turning a handsome profit 17 years after its launch.
Speaking about her early experience with the brand in Vogue, she said: 'It was always my passion to be in fashion and beauty. I'd obviously been in the Spice Girls. I took the plunge, and there was an innocence and naivety. If I knew then what I know now, I might not have had the courage to do it, but I didn't really know anything about the industry. I went into fashion in a very honest, humble way.
Victoria Beckham has revealed she wouldn't enter the fashion industry knowing what she knows now following her experience of launching her self-titled brand (pictured 2022)
The fashion designer, 50, told Nicole Kidman during an interview for Vogue Australia that she was 'naive and innocent' when she began working on her fashion label
'I just wanted to create clothes I couldn't find myself…And now after 17 years we're proud to say that fashion in its own right is profitable, and for a ready-to-wear brand and an independent brand to be able to say that is a huge achievement…
'And now we're building. I spent many years working on the foundations and now I can start to build the house that I always dreamed about. We have fashion that's not just ready-to-wear but we have bags and shoes, we have beauty, which is enormously successful in its own right, and now I have fragrance, which for me is the halo of the brand. Now, that makes us a real house.'
In October the designer told Vogue France announced the brand had finally made a profit, more than a decade after launching her own fashion label.
'This is just the beginning. I have lots of ambitions, and I work hard to achieve my goals. I never wait for things to just fall into my lap,' she said.
'It's such an exciting time. This year, we made a profit! This takes time, especially for an independent brand. My perfume isn't a license - I own it.
'Now that I have laid down the groundwork for the house, the real work can begin.'
In an interview with industry bible Women's Wear Daily (WWD) in March to celebrate the news, her brand's investor, David Belhassen, shone a rare spotlight on the inner workings of Victoria's empire.
He said revenues were up by a huge 42 per cent to £58 million — and predicted that when the business filed accounts for the 2022 financial year in December, the former Spice Girl would make her many critics eat their words.
The mother of four admitted that if she had the knowledge of what it would be like she might not have the 'courage' to start the same journey today (pictured February 2024)
In January 2023, accounts for Victoria Beckham Holdings Ltd revealed losses of £5,887,036 in 2021, down from £8,581,944 in 2020.
The figure meant overall losses for the firm stood at £66.3m since its launch in 2008 and directors of the firm - including Victoria and her husband David - were not paid a dividend.
The luxury fashion business has expanded to Europe and the Middle East, with the annual accounts saying the brand was also expanding into new products, with the launch of leather goods and the VB Body range.
Despite 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.
In accounts submitted in 2021, auditors warned of 'significant doubt' about Victoria's fashion company's ability to continue operating when it was reported the company had racked up debts of more than £46million since it launched.
Friends of the star said at the time Victoria was 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.'
The fashion label, which has a flagship store in Mayfair (pictured), filed a loss of £12.2million in 2018, £4.6million in 2017 and a £8.4million loss in 2016
In February 2021, it emerged that Posh's beauty range she set up in 2019 had suffered a loss of £4.7 million.
A spokeswoman for Victoria 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.'
The fashion label, which has a flagship store in Mayfair, London and sells items such as coats for up to £2,900 each, filed a loss of £12.2million in 2018, £4.6million in 2017 and a £8.4million loss in 2016.