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David Beckham bails out Victoria's fashion brand

2016-03-14 18:00
 

Los Angeles - David Beckham has reportedly bailed out Victoria Beckham's fashion empire.

The 40-year-old heartthrob swooped in to help his wife's business by transferring her £5.2m after her designer brand lost £3.8m in a year.

Despite scooping a turnover of £34m, Victoria, 41, seemingly needed the cash because she set up a store in Mayfair, London, in 2014, which cost nearly £3m to build.

Her company's Directors Report states: "The contracts held by the company relating to the David Beckham brand were transferred during the year to DB Ventures Ltd, a sister company of David Beckham Brand Holdings Ltd which is focused on exploiting the David Beckham brand."

However, chartered accountant and tax lecturer Robert Leach explained the bailout isn't unusual because it was simply a transfer of cash between the couple's profitable companies.

He told The Sun newspaper: "The accounts suggest it is a transfer of operations between companies owned by Victoria and David. In effect the couple are simply moving the profits between themselves."

The former Spice Girl set up her eponymous brand in 2008 and has enjoyed huge success in the fashion world since.

The pretty brunette was named designer brand of the year at the British Fashion Awards in 2011 and Entrepreneur of the Year 2014 by Management Today magazine.

 

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