David Beckham bails out Posh’s business with $11 million

David Beckham has reportedly bailed out his wife’s fashion empire after her high-end designer brand lost £3.8 million in just one year.

Thanks to the set-up costs of her London store in Mayfair – which set her back £2,854,091 – and the costs of a new website, it was thought that the former Spice Girl-turned-darling of the fashion world had millions of pounds worth of debt despite her fashion empire turning over £34 million in 2014.

However The Mirror claim that experts believe that the transaction was actually ‘a transfer of operations between companies owned by Victoria and David’.

The Director’s Report, seen by the newspaper, allegedly reads: ‘As part of the corporate restructuring planned last year, the company is now focused purely on the Victoria Beckham fashion business and the Victoria Beckham brand.

‘As such, 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.’

Victoria, who in 2011 was named Designer of the Year at the British Fashion Awards, signed a three-year lease on the Mayfair location whose annual rent is apparently set at £650,000.

In the VIP section of the store, customers are treated to a champagne reception and personal service, and the area features a one-of-a-kind piece by artist Damien Hirst.

Agencies/Canadajournal