LONDON, (Reuters) Victoria Beckham, the former Spice Girl who turned into famous luxury fashion designer, has arranged for 30 million pounds ($40 million) for her business expansion of her stores and e-commerce channel through a new funding round from NEO Investment Partners.
The Business of Fashion website revealed the value of the deal to be 100 million pounds. Founded in the year 2008, Victoria Beckham Limited sells her merchandise to 400 stockiest and in more than 50 countries worldwide. Her brand is privately owned by Victoria, her husband David and agent Simon Fuller, and majority of the manufacturing of its clothing is done in Britain.
"NEO is the perfect partner to now accompany us on the next step of our journey, they understand my vision and my wish for the company to retain its independence, as well as my commitment to continuing to develop the brand with a unique, forward thinking approach," she said in a statement.
She had to struggle initially to make the fashion industry take her brand seriously. Now Beckham's collections show in New York and have managed to earn significant praise. Beckham and her clothing designs adorn newspapers around the world, with some of her pieces’ cost going up to 2,000 pounds.