Former Spice Girl, Victoria Beckham now luxury fashion designer, has raised 30 million pounds ($40 million) for the expansion of stores and e-commerce channel for her fashion line through a new funding round from NEO Investment Partners. The deal valued the Beckham’s business at 100 million pounds, according to the Business of Fashion website.
The company was founded in 2008 and is privately owned by Victoria, her husband David and agent Simon Fuller. Most of the manufacturing of its clothing is in Britain and Victoria Beckham Limited sells through 400 stockists in over fifty countries worldwide. “NEO is the perfect partner to now accompany us on the next step of our journey,” Beckham said in a statement, adding, “They understand my vision and my wish for the company to retain its independence, as well as my commitment to continuing to develop the brand with a unique, forward thinking approach”.
Victoria Beckham rise to fame started as one of the Spice Girls, a 1990s girl-band which sold 85 million records becoming of the successful pop groups in history. Her nickname was Posh Spice and no wonder for her elegant style. She then married soccer player David Beckham in 1999 becoming one of Britain’s most high-profile celebrity couples. Beckham’s fashion collections show in New York and have earned critical approval. Beckham and her clothing designs grace newspapers around the world and some of her pieces cost nearly 2,000 pounds. The private equity firm NEO was also founded in 2008.
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The firm backs brands which include the interior design group Tom Dixon, menswear group AMI Paris and bakery chain Paul. “Victoria Beckham … has built a unique, differentiated luxury brand with a strong identity and very high potential. I am delighted to be working with her and her team to reach the brand’s full potential.” said David Belhassen, founder and managing partner of NEO.