Victoria Beckham has been forced to axe 20 staff from her fashion brand as her business has been hit by coronavirus.
The designer’s sales have dropped as a result of the ongoing global pandemic, which have plummeted since the closure of her flagship London Mayfair store.
The millionaire and wife of David Beckham, 46, has made the devastating move in a bid to cut costs and keep her business afloat.
A source close to Victoria said: “Victoria is devastated.
“These are really tough times and no one is exempt from the pandemic’s clutches.
They continued telling The Sun: “This business is her pride and joy. It has never been about money.
Victoria had to axe 20 members of staff (Image: Dave Benett/Getty Images)
“She hasn’t even paid herself for the past three years.”
Vic is said to be “doing all she can” to keep as many people in the business as possible.
It’s reported VB will also half her yearly fashion collections.
She has faced difficulties with her brand in recent months (Image: Corbis via Getty Images)
It’s believed consultations for redundancies have started, according to the publication.
Daily Star Online has contacted Victoria’s rep for comment.
Posh, who has a net worth of £330million with her ex-footballer hubby David, came under fire in April for using the Government furlough scheme for 25 of her 120 staff.
Her husband David had to bail out her company (Image: PA)
The former Spice Girls’ company has suffered losses since it opened 11 years ago.
The star’s high-end fashion label company accounts in November showed a loss of £12.3million with a £42million deficit over the previous four years.
Her husband David bailed out the company with £17million.
A spokeswoman for Victoria confirmed job cuts on Wednesday night.
They told The Sun: “We have built a new strategic vision to streamline and future-proof the brand and, sadly, have to make redundancies to deliver this.”
Source: Celebrities - dailystar.co.uk
