Victoria Beckham fashion firm's losses deepen

Victoria Beckham at this month's British fashion awards where she was nominated for Designer of the Year

Victoria Beckham's fashion business has reported another annual loss.

Despite sales growth of 17% to £42.5m, Victoria Beckham Ltd posted an operating loss of £10.2m in 2017, up from £8.2m a year earlier.

Last year, NEO Investment Partners put £30m into the business to help the brand expand its operations.

The fashion label says that part of its long-term strategy with the new shareholder will involve cost cutting in order to return to profitability.

Losses at the company have risen every year since 2013.

The fashion business produces high-end designs, making dresses that sell for more than £2,000 and coats getting on for £3,000, and also has partnerships with Estee Lauder, Chole and Calvin Klein.

The company now has offices in London, New York and Hong Kong

In addition, it also produces a far more affordable line with budget US retailer Target, where Victoria Beckham's name appears on dresses retailing at under £30.

The brand also has a long-term partnership with sports brand Reebok.

The label was founded in 2008. In addition to NEO, its other business owner is Beckham Brand Holdings, which is owned equally by Victoria Beckham, David Beckham and XIX Entertainment.

It now has offices in London, New York and Hong Kong, and is in more than 400 stockists in over 50 countries.

Victoria Beckham herself was awarded an OBE for services to fashion in 2017.