Why Victoria Beckham’s business was on the brink of ‘disaster’
As David Belhassen, whose Neo Investment Partners bought a third of the Victorian business in 2017 and helped restructure its finances, recalls, he was initially adamantly opposed to getting involved.
“It was a disaster,” he said in the series. “It’s never been profitable. Frankly, I’ve never seen anything so difficult to fix.”
Belhassen said he changed his mind after complimenting his wife one night when he learned she was wearing Victoria Beckham clothes. And she also liked the brand.
But to be able to help, he explained, “I had to make her understand if she could really accept what happened. She spent years letting people tell her what she wanted to hear.”
Belhassen said unnecessary expenses included “$70,000 a year” for office plants and “someone was coming in to water the plants for $15,000.”
Victoria admitted in the document that her “entertainment background” led to her overeating.
“I didn’t realize it at the time, but the waste was staggering,” she said. “I used 15 different linings on the inside of my outerwear…It was weird, like flying a chair from one end of the world to the other. It’s horrifying to hear it now, but I was allowing that to happen. And I think part of the problem was that people were really afraid to say no to me.”
According to Fashion Network, Victoria Beckham will be out of the red in 2022.
