Multi-millionaire Victoria Beckham axes 20 staff at her fashion company after sales plummet due to coronavirus
VICTORIA Beckham has had to axe 20 staff at her fashion company.
The designer’s business has been hit by Covid-19 — with sales plummeting after the closure of her flagship London store in March.
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Posh, 46, worth £330million with ex-footballer hubby David, will also halve the number of yearly fashion collections.
It is a desperate bid to cut costs and keep her company afloat, with a business insider saying: “Victoria is devastated.
“These are really tough times and no one is exempt from the pandemic’s clutches.
“This business is her pride and joy.
“It has never been about money.
“She hasn’t even paid herself for the past three years.
“She is doing all she can simply to keep as many people in work as possible.”
It is understood consultations for redundancies have begun.
The former Spice Girl was criticised in April for using the Government scheme to furlough 25 of her 120 staff, prompting an embarrassing U-turn.
Her high-end label — worn by the likes of the Duchess of Sussex and Kim Kardashian — has suffered losses every year since its launch 11 years ago.
Company accounts in November showed a loss of £12.3million for 2018, with a £42million deficit over the previous four years.
Ex-England and Manchester United player Becks, 45, bailed out the company with £17million.
A spokeswoman for Victoria on Wednesday night confirmed job cuts.
She added: “We have built a new strategic vision to streamline and future-proof the brand and, sadly, have to make redundancies to deliver this.”
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