Victoria Beckham’s top designer leaves fashion brand after firm’s £46million loss
VICTORIA Beckham's top designer Ilaria Icardi is leaving her fashion brand after its losses increased to £46million.
The design director, who is a close friend of Victoria's and has worked at the brand for seven years, has parted ways by mutual consent.
A spokesman for Victoria Beckham told us: "Ilaria Icardi, Design Director, at Victoria Beckham will be leaving the company later this year.
";Ilaria has made a hugely important contribution to Victoria Beckham over the last seven years.
"Her creative vision has played a meaningful role in shaping the brand to where it is today and we wish her every success in the future."
Dubbed the "creative brains" behind the fashion firm, Icardi's departure coincides with 'dozens' of staff redundancies in a major shake-up, according to the .
A spokesman for the brand is said to have vehemently denied this.
Since its launch in 2008, Victoria's high-end brand has been beset by financial losses, despite husband David pumping cash into the firm.
In 2018 alone the brand plunged £12.3million further into the red.
While last summer the firm had to axe 20 staff after it was badly hit by the pandemic.
Last week we revealed Victoria's beauty range has seen her suffer an ugly loss of £4.7million.
While Victoria Beckham Ltd, which covers just her fashion firm, showed a loss of £11.8million.
Last month parent company, Victoria Beckham Holdings, which covers fashion and beauty, released figures showing a loss of £16.5million.
The £4.7million gap is a major blow to the ex-Spice Girl and mum-of-four, 46.
Designer Victoria set up the make-up and skincare range in January 2019 and it started trading that October. She hoped it would lift the fortunes of her fashion brand, launched in 2008 but it has reported increasing losses.
Its latest available figures, covering 2019, do show the clothes line reduced losses for the first time in seven years — by £500,000.
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An insider said: “Victoria’s cosmetics range proved popular to begin with, and many lines sold out within days. But even taking the extensive set-up costs into consideration, the balance sheet suggests it has got off to a challenging start. It remains to be seen how well the business can recover.”
Victoria Beckham Ltd declined to comment.
This week we told how the stars’ sister Louise Adams has a job ushering cars into a Covid testing centre in Essex.