0
0
Victoria Beckham Ltd, the fashion and beauty business founded by the pop star-turned-entrepreneur, has announced its 2023 results, showcasing increased sales and reduced losses, with the company nearing operating profitability.
Victoria Beckham’s fashion and beauty brand, managed in partnership with NEO, achieved remarkable financial growth in 2023. Revenues surged by 52% to £89.1 million, while adjusted EBITDA soared by 800% to £1.8 million. The company’s gross margin improved significantly, and the operating loss narrowed dramatically.
The beauty brand demonstrated continued strategic progress in 2023, achieving a third consecutive year of substantial growth in both sectors. This consistent expansion highlights the brand’s ability to maintain momentum and capitalize on market opportunities.
The fashion brand’s ongoing repositioning strategy yielded impressive results throughout the year. Sales across all three distribution channels—wholesale, online, and the flagship store in Mayfair, London—experienced substantial growth. This positive trend was particularly evident in the London flagship, which emerged as a key driver of the brand’s overall sales performance.
The gathered waist midi dress remained a customer favourite, making up 1 in 10 online orders.
Following the successful launch of leather goods in 2022, the category continued to thrive, with belts leading the way in growth.
The beauty segment also performed well, with revenues rising as it expanded its eye category offerings, introducing new shades and products. Additionally, the firm debuted in the brow category and entered the competitive contour market with the launch of Contour Stylus, which succeeded both at launch and into 2024.
The beauty segment also performed well, with revenues rising as it expanded its eye category offerings, introducing new shades and products. Additionally, the firm debuted in the brow category and entered the competitive contour market with the launch of Contour Stylus, which succeeded both at launch and into 2024.
The brand’s recent fragrance launch and expansion into wholesale channels sets the stage for continued growth in the beauty sector.
2024 saw double-digit growth across all product categories, building on the previous year’s strong performance.
The brand’s continued success is evident in the rapid growth of its direct-to-consumer channels and the impressive performance of its leather goods range, which now accounts for over 20% of online sales.
The brand has also “seen unprecedented interest following its Paris Fashion Week shows and new collaborations, including a limited-edition capsule collection with global brand Mango and a joint capsule range of branded watches with Breitling.”
Victoria Beckham Beauty has continued to expand its product offerings, encompassing skincare and other beauty categories.
Following a successful repositioning, CEO Marie Leblanc expressed confidence in the brand’s continued growth and its aspiration to establish itself as a global luxury house.
“We are continuing to build a loyal customer base, bolstered by successful Paris Fashion Week shows and new partnerships, with particularly strong performance in Direct-to-Consumer channels and leather goods.”
David Belhassen, founder of NEO Investment Partners, commented: “Despite a challenging environment, the Victoria Beckham group has maintained strong growth, achieving over a 50% year-on-year revenue increase in 2023, along with improved EBITDA profitability. The team is diligently working further to strengthen the foundation of the House of VB. Our top priority remains developing products of the highest quality to ensure total satisfaction for our community.”
As Victoria Beckham Ltd continues to build momentum, the company remains focused on innovation and quality, aiming to solidify its position as a leader in the fashion and beauty industries. With strong growth across all segments, the brand is poised for continued success, driven by a commitment to excellence and an expanding global presence.
