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Redundancies loom at Victoria Beckham

Luxury womenswear brand Victoria Beckham could make around 60 workers redundant after new investors ordered a review of the business.

Consultants acting for New Investment Partners have recommended that the brand slim down its workforce, according to This is Money.

A spokesman told the newspaper: “The board has been focusing on returning the company to profitability. The structure is being reviewed to the right size, in line with its financial targets, in consultation with staff.”

Losses at the fashion label rose by 78.4% in the year to 31 December 2016, after it invested in design, production, sales and marketing.

The company posted a £8.5m loss after tax, which deepened from £4.8m during the previous financial year.

Neo Investment Partners took a minority stake in exchange for a £30m cash injection in November last year.

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