Victoria Beckham slashes prices of fashion label as business losses go up to £8.5m

Fashionista Victoria Beckham has been forced to slash the prices at her fashion label after incurring losses that doubled to nearly £8.5m last year.

Beckham, in a bid to lower losses, has cut prices by up to 70 per cent on her expensive items, meaning sometimes thousands of pounds is being discounted, in order to shift the unwanted stock.

According to a Mail Online report, a black floor-length corset dress, originally priced £3,250, is now just £975; while a £2,250 cashmere coat is now £675 and a £1,595 fitted curve cami dress is £479.

The website also adds that clothes are still available in all sizes indicating that the designs are simply unpopular.

According to fashion industry analyst Eric Musgrave, discounts such as those damages the brand credibility and upsets people who have paid full price.

He went on to add that the trend clearly shows Victoria Beckham has clearly over-ordered – or that she is producing designs that haven’t proved popular.

But an insider at Victoria Beckham Ltd said the clear-out was a normal end-of-season sale, adding that the company “is in a strong financial position, with long-term backing.”

And while the future of the company doesn’t look bright at the moment, it did get a huge boost when Meghan Markle wore a VB cashmere sweater in her official engagement photoshoot with Prince Harry, with the £690 piece selling out.

In the past the former footballer’s company has pumped £25 million to help his wife, but now he’s achieving his dream of owning his own football club.