Victoria Beckham Ltd, the fashion and beauty business founded by the pop star-turned-entrepreneur, has released its 2023 results and highlighted rising sales and reduced losses with the company very close to operating profitability.

The business, which is managed in collaboration with investment partner NEO, said total revenues rose 52% to £89.1 million last year and adjusted EBITDA of £1.8 million was up 800% from just £0.2 million in 2022. The gross margin grew by over three basis points to 71.6% from 68.5% and the operating loss narrowed to just £0.2 million in 2023 from £0.9 million a year earlier.

We’re told the company saw “strategic progress” in both fashion and beauty with what was a third consecutive year of high-double-digit revenue growth.

The repositioning of the fashion brand continued during the year “with substantial growth in sales across all three of its channels” — wholesale, online and in its flagship store in Mayfair, London.  

The bestsellers during 2023 included the gathered waist midi dress (accounting  for on in every 10 online sales and still going strong).

And after 2022’s leather goods launch, the category did well again last year with “belts becoming the fastest growing category, with demand up 13-fold year-on-year”.

Beauty also proved strong with revenues increasing as the firm expanded its product range in the eye category, with new shades and products while it also debuted in the brow category and launched into the competitive contour market with Contour Stylus, “seeing both success at launch and into 2024”. 

There should be further growth ahead for beauty with the brand having launched fragrance last autumn as well as entering into selected wholesale accounts and seeing growth across beauty counters.  

The firm also shared some detail about 2024 saying it has “built further on last year’s strong performance by recording a double-digit growth trajectory across all product categories”.   

The fashion brand “continues to accelerate with growth across its Direct-to-Consumer channels and its leather goods range which accounts for more than 20% of online sales, two years since its launch”. 

Ad it has “experienced unprecedented interest following its Paris Fashion Week shows and new partnerships, including a limited-edition capsule collection with the global brand Mango and a capsule range of jointly branded watches with Breitling”.

Victoria Beckham Beauty has expanded further in all categories including skincare.  

CEO Marie Leblanc said: “Having successfully repositioned the business, 2023 was another very strong year of progress for the company and we continue to see a healthy growth trajectory as we look to establish Victoria Beckham as a Global Luxury House. 

“We continue to build a loyal consumer following on the back of successful Paris Fashion Week shows and new partnerships, with performance across Direct-to- Consumer channels and leather goods being particularly positive.”  

And David Belhassen, founder of NEO Investment Partners, added: “In the context of a difficult environment, the Victoria Beckham group has sustained its very high growth with an over 50% year on year revenue increase in 2023, with improving EBITDA profitability. The team is working hard to continue building the House of VB on ever stronger foundations. The priority remains the development of products with the highest standards to offer our community total satisfaction.”