Victoria Beckham has admitted she can’t afford to put on a runway show during Fashion Week in September.
Speaking to Evening Standard editor Emily Sheffield for London Rising on Thursday, the 47-year-old designer confessed her eponymous label is struggling financially after the pandemic.
She also lamented that big labels such as Burberry and Chanel will be able to carry on as normal, confessing she’d hoped the pandemic would have ‘levelled the playing field’.
The admission comes after it was revealed Victoria’s fashion label has racked up total losses of more than £46 million since it launched.
Strapped for cash: Victoria Beckham has admitted she can’t afford to put on a runway show during Fashion Week in September in a chat with London Rising
Asked about her plans for Fashion Week in the autumn, Victoria mused: ‘Let’s hope we’re out of this pandemic by September.
‘I do believe the best way to see fashion is a fashion show, to see the clothes, to hear the clothes, see models in the clothes, it’s hard to find a way that can beat that. We’ve tried the best we can to show that through digital but it’s difficult.’
‘Will I be doing a show in September? I don’t know. If I’m being really honest, the pandemic has affected my business.
‘Will I be in a position to spend all that money on a show? I don’t know, probably not. It will probably still be digital.’
Struggling: Victoria said she’d hoped the pandemic would have ‘levelled the playing field’ with brands (pictured at her runway show during London Fashion Week in February 2020)
She continued: ‘I’d love to not but I’m just being optimistic and realistic at the same time. It has affected business. I’m lucky to still have a business but doing fashion shows costs a lot of money.’
Victoria then pointed out the discrepancies in the industry as she lamented the fact that big brands have been able to host shows, while smaller companies like her own have not had the same luxury.
She said: ‘I did hope when the pandemic first hit that it would make the fashion industry a more even playing field.
‘I thought everyone is going to be forced to be more creative – it’s not going to be about just spending money on all the big shows and extravaganza, flying editors from one side of the world to the other – but sadly that didn’t happen. It continues to happen.
‘The big shows are still happening from the big houses, they’re just filming the shows then showing them through social. Which I think is great for the people who can do that… but for the smaller brands that can’t, it makes it a very, very difficult place to try and – ultimately, you are competing.’
Keeping it online: Victoria admitted her next show will probably have to be digital (pictured: British Vogue editor Edward Enninful, Romeo Beckham, Cruz Beckham, David Beckham, Harper Beckham and Anna Wintour at Victoria’s runway show in February 2020)
Victoria concluded: ‘I would imagine, in September, the big houses will do that again and the smaller houses will just have to try and find more creative ways to get the attention, to communicate their collection.’
The former Spice Girl revealed that she is also considering going back to roots and hosting a small showcase instead of going digital.
She explained: ‘That’s how I started all those years ago in New York. I did very small presentations where I had two models and 10 dresses and I would do individual presentations, so maybe we will take it back to that.
‘I would love to do something. I enjoy that.’
The designer’s candid admission comes after it was revealed her fashion label has racked up total losses of more than £46 million since it launched.
In accounts submitted in February, auditors warned of ‘significant doubt’ about the company’s ability to continue operating.
The brand also recorded losses of £11.8 million for 2019 and £12.3 million for 2018.
It also emerged that her beauty range she set up in 2019 has suffered a loss of £4.7 million.
Victoria confessed: ‘Will I be doing a show in September? I don’t know. If I’m being really honest, the pandemic has affected my business’
While the former Spice Girl’s publicists sought to put a positive gloss on the figures, accountants said the business will need continued financial support from shareholders to keep it going.
‘These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern,’ the auditors wrote.
Victoria launched her fashion label in 2008 with a small collection of dresses. It swiftly grew to an extensive range that now includes handbags, coats, shoes and accessories.
Losses: The designer’s candid admission comes after it was revealed her fashion label has racked up total losses of more than £46 million since it launched
Now, friends of the star say she is determined to continue with her company even though her detractors have dismissed it as a vanity project.
In January, it emerged that she and her husband David had paid themselves £40,000-a-day thanks to the profit made by his company, DB Ventures, which has covered Victoria’s losses in previous years.
She attracted criticism last year for trying to use the Government’s furlough scheme to pay 30 of her 120 staff and was forced into an embarrassing U-turn.
A spokeswoman for Victoria told MailOnline: ‘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.’
Business woman: Victoria launched her fashion label in 2008 with a small collection of dresses. It swiftly grew to an extensive range