Victoria Beckham’s Brand Is Only Getting Bigger

The broader luxury industry may be slowing down, but Victoria Beckham’s namesake label isn’t.

The fashion and beauty business reported double-digit growth for its fourth consecutive year, with revenues increasing by 26 percent to £112.4 million ($151.8 million) in 2024 versus the prior year.

The brand also reported EBITDA of £2.2 million, a 22 percent increase from 2023. Excluding the fragrance business, launched in 2023, EBITDA grew 47 percent year on year.

The results indicate that the brand is finding its footing after years operating at a loss, and come as the wider luxury industry is under pressure. Consultancy Bain & Company forecast in June that the global luxury market would contract 2 percent to 5 percent this year, and giants such as LVMH and Kering have reported falling sales as they’ve struggled in key markets like the US and China. While brands are contending with macroeconomic challenges, like the downturn in China’s economy and inflation in the US, many of the issues facing the industry are self-inflicted, analysts say, pointing to the sharp price hikes brands have implemented in recent years without any corresponding improvement in their products.

Against this backdrop, Beckham’s independent brand has proved resilient — a notable achievement for a celebrity-led brand, many of which struggle to grow whilst maintaining financial stability.

Both the fashion and beauty divisions performed strongly, according to the company. The brand’s hero beauty product, the Satin Kajal Liner, has seen continued success since its introduction in 2019. Skincare and fragrance also expanded with the release of a double cleanser, and the new 21:50 Rêverie fragrance. The brand also partnered with Bioderma and Augustinus Bader, to release a micellar water and concealer, respectively.

Within fashion, the brand relaunched its denim line and expanded its leather goods offerings, contributing to the increase in sales across the website and flagship store. Direct-to-consumer channels grew by 26 percent, accounting for 62 percent of total net sales, with crêpe dresses in midi and gown styles being bestsellers. Wholesale distribution also expanded in department stores across France and Italy.

The brand has kept its eye on growth. In July, Victoria Beckham welcomed new chief executive Sybille Darricarrère Lunel, who previously held senior positions at Christian Dior Couture and Galeries Lafayette. The appointment signaled a commitment to growing the luxury brand.

In a statement, Lunel called 2024 “a pivotal year for the Victoria Beckham business, marked by strategic investment and rightsizing to position the business for long-term, profitable growth.”

The brand aims to supercharge its performance in the next year, with new product launches and plans to expand its department store presence in the UK and France. The company said it aims to bring the brand to 200 stores worldwide. Its beauty line, which is projected to account for more than 20 percent of sales by year-end, will also release its first ever foundation line this year.

Beckham herself is set to step into the spotlight this autumn, as Netflix is set to release a docuseries which will follow the rise of the company and her role as creative director.