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Victoria Beckham’s fashion and beauty label has recorded an operating profit for the first time in the 18 years since it launched.
Beckham started her eponymous fashion label in 2008, debuting her ready-to-wear collection at New York Fashion Week. The brand then expanded to include a well-received beauty line in 2019, but three years later the business was nearly £54 million in debt. Over the years the business has struggled to turn a profit but its latest figures reveal a turnaround in fortunes.
Figures released by Victoria Beckham Holdings Ltd show the business achieved an operating profit of £7.3 million in 2025, compared with a £1.6 million loss in the previous year. The brand reported an increase in total revenues of 15% to £129.8 million in 2025, up from £112.7 million in 2024.
EBITDA rose more than fivefold, from £2.2 million to £12.1 million. The company attributed the performance to product development, cost control, stronger direct-to-consumer trading and an expanding international wholesale network.
Fashion benefits from direct sales and wholesale
The fashion division expanded through both direct-to-consumer and wholesale channels. Sales at the Dover Street flagship benefited from increased footfall and conversion, while online trading also improved.
Tailoring and occasion-wear were among the strongest areas of demand. Dresses and gowns accounted for 32% of the retail business, with the Iconics collection led by styles including the Katherine Jacket and Isabella Gown.
Sybille Darricarrère Lunel joined from Christian Dior Couture in July 2025 to lead the fashion business. Her remit covers operational improvement and international retail expansion.
“Achieving our first operating profit is a landmark moment for Victoria Beckham and reflects several years of disciplined execution and strategic investment,” she said.
The recent Victoria Beckham documentary series on Netflix focused on the story behind the building of the fashion brand and detailed its preparations for a show at Paris Fashion Week.
Darricarrère Lunel said the documentary “gave viewers an insight into what makes our inspiring founder, Victoria, and our brilliant business tick.”
“This built on the brand’s strong trajectory, with D2C and wholesale both delivering excellent growth and ready-to-wear continuing to be one of the brand’s strongest performing categories, reflecting the enduring appeal of the brand’s core silhouettes,” she added.
A signature Victoria Beckham silhouette
Foundation Drops accelerates beauty growth
Victoria Beckham Beauty reported strong annual growth, supported by demand across skincare and fragrance.
The Foundation Drops, launched a year ago, more than doubled the size of the skincare business and became the brand’s second bestselling product. It sold out shortly after launch and attracted a waitlist of more than 25,000 customers ahead of its return in 2026.
“The success of The Foundation Drops, which are infused with skincare actives, more than doubled category sales and is a strong indicator of our runway in skincare,” said Lauren Edelman, CEO of Victoria Beckham Beauty.
Portofino ’97 Eau de Parfum led the fragrance category, one of the brand’s best-performing segments. Distribution expanded through Mecca in Australia, Nordstrom and Bloomingdale’s in the US, Oh My Cream in France, plus Space NK and Harrods in the UK.
Victoria Beckham Beauty is now aiming to operate in more than 300 retail locations spanning 15 markets. It has entered KaDeWe in Berlin and de Bijenkorf in Amsterdam, with a Middle East launch planned before the end of 2026.
“We have big ambitions to expand our global footprint over the next five years, while remaining highly considered in how we scale and focused on partners that build long-term brand equity and desirability,” Edelman added.
The Foundation Drops fuelled beauty growth
Retail expansion continues in 2026
Double-digit sales growth continued through the first half of 2026. The company’s first US retail location at Bal Harbour Shops opened in May, bringing its fashion and beauty businesses together outside London for the first time.
A Mercer Street store is due to open in New York in September. Victoria Beckham Beauty is also preparing to launch its first luxury lipstick and an Extrait de Parfum during autumn 2026.
Speaking to the Financial Times about the figures, Victoria Beckham, who came to public prominence as part of the Spice Girls in the1990s, said the business was no longer viewed as a celebrity brand.
“We have all worked hard for a long time for this moment of profitability and growth. We’ve been very transparent about the problems that we had in the business but have recovered and are now growing at a sensible pace. After 20 years, people don’t look at my brand as a celebrity brand any more.”
In the past her husband David Beckham had been obliged to bail the business out with cash injections, which the couple spoke candidly about the Netflix documentary series. The business received backing from Neo Investment Partners in 2017. Its founder David Belhassen is also chairman of the Victoria Beckham business.
Belhassen said of the latest figures: “When NEO invested in Victoria Beckham, we recognised a uniquely differentiated brand: one defined by an exceptional entrepreneur, an authentic creative vision and significant global potential. It has been a privilege to support the business and to help drive its evolution into a globally recognised luxury brand.
“Built with patience and rigour, the foundations are now very strong as we enter the next chapter of disciplined global expansion. With two complementary growth engines in fashion and beauty, an increasingly international customer base and a focused operating model, the business is powerfully positioned for its next phase of profitable growth. 2026 is already off to a fantastic start.”