The company turned a corner in 2020, despite the difficulties of the pandemic, and said the beauty business has been thriving.
Victoria Beckham Holdings, the owner of the fashion label and beauty company, saw a modest decline in turnover and a narrowing of losses in fiscal 2020.
According to accounts filed this week at Companies House, the official register of U.K. businesses, turnover fell 6 percent to 36.1 million pounds in the 12 months to Dec. 31, 2020 while after-tax losses were nearly halved to $11,611,700 from $22,413,300.
The company said strong online sales and full-year trading at Victoria Beckham Beauty helped boost overall sales as the company’s overall sales declined due to the pandemic and a series of blockades around the world.
The holding company has an 85 percent stake in Victoria Beckham Beauty, which delivered $9.856 million in sales in its first full year of trading, up from $2.565 million in 2019.
The company said that “several successful beauty launches” this year have helped the brand become “a leader in the cleansing, luxury beauty and skincare. The beauty business of Victoria Beckham Beauty continues to launch new lines of skincare and makeup, including lipsticks collection “Posh”, the company said.