Victoria Beckham has delivered its third consecutive year of double-digit growth, with strategic progress across the British icon’s fashion and beauty businesses.
The company saw revenues increase 52% to £89.1 million for the full year ending 31 December 2023, compared to £58.8 million in 2022. It also reported an 800% rise in adjusted EBITDA to £1.8 million.
Fashion
The repositioning of Beckham’s global luxury fashion brand continued during 2023 with “substantial” growth in sales across all three of its channels – wholesale, online and in its flagship store in London.
The highest-selling items included a gathered waist midi dress, which accounted for one in every ten online sales in 2023, as well as the luxury brand’s leather goods range, which expanded and continued to perform well during the year, with belts becoming the fastest-growing category.
Marie Leblanc, CEO of Victoria Beckham, said: “Having successfully repositioned the business, 2023 was another very strong year of progress for the company and we continue to see a healthy growth trajectory as we look to establish Victoria Beckham as a global luxury house.”
Beauty
Victoria Beckham Beauty also saw further success in 2023, continuing to grow revenues. The brand said it has established a loyal customer base, expanding its product range in the eye category with new shades of its best performing Satin Kajal Liner, as well as its Vast Lash Mascara and BabyBlade – the brand’s first entry into the brow category.
It also launched its first eponymous fragrance collection, after eight years of development. This was combined with the brand entering into selected wholesale accounts and seeing growth across beauty counters.
Katia Beauchamp, CEO of Victoria Beckham Beauty, said: “2023 marks a significant year of growth for the beauty business, which was driven by our continued dedication in product development. We believe in creating the best possible products, that can dominate categories. We continue to balance high consumer demand with business discipline to ensure we have a laser sharp focus on continued profitability.”
“In 2023, the vast majority of our business has been direct, which has allowed us to deepen our focus on high quality customers that continue to engage with us, with a key metric of success being our growing repeat purchase rate. This is combined with our growth and expansion with new customers, across key and new markets.”
2024
So far in 2024, Victoria Beckham has built on last year’s performance by recording a double-digit growth trajectory across all product categories.
On a divisional level, the performance of the fashion brand continues to accelerate with growth across its direct-to-consumer channels and leather goods range, which accounts for more than 20% of online sales.
Meanwhile, Victoria Beckham Beauty has expanded further in all categories, including skincare, with continued growth from its five-year partnership with Augustinus Bader. The beauty business will also celebrate its five-year anniversary in September this year.
The trading update comes after Netflix confirmed the production of a new documentary series looking into Beckham’s fashion and beauty empire. It follows the release of her husband David Beckham’s Netflix series chronicling his rise to fame as a successful soccer player and pop culture icon.