Victoria Beckham Group Reports Strong Growth and Expands Retail Footprint
Amid a challenging period for the luxury sector, Victoria Beckham’s business has reported continued growth, with plans underway to increase its retail presence in New York and Paris by the end of the year.
The group, which covers both fashion and beauty divisions, recorded a 19 percent rise in sales for 2025, reaching over $170 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) were reported to be more than four times higher than the previous year, with beauty, leather goods, dresses, and denim identified as the main contributors to the increase.
According to David Belhassen of Neo Investment Partners, who acquired a significant minority stake in Victoria Beckham Holdings Ltd. in 2017, the business is approaching a 10 percent EBITDA margin for the first time, and both fashion and beauty operations are profitable.
Belhassen has been actively involved in strategy development for the brand alongside Victoria Beckham and chairman Ralph Toledano, drawing on prior experience in similar sectors.
In an interview given prior to Victoria Beckham’s Fall 2026 show in Paris, Belhassen discussed the brand’s long-term prospects, stating, “Victoria Beckham has $170 million in sales now, but given her [name recognition] worldwide, it’s nothing. I have no difficulty imagining it being a billion-dollar brand.” He attributed future growth to the increasing strength of the leather goods and beauty categories, as well as projected expansion in both retail and wholesale.
Leather goods, which encompass bags, belts, and footwear, are expected to become the group’s main fashion revenue source within the next three years, projected to account for 30 to 35 percent of total sales. The category represented over 13 percent of fashion revenue in 2025 and is expected to surpass dresses, previously accounting for 20 percent. Denim also held a notable share with more than 10 percent of sales for the year.
Belhassen said, “The leather goods category is coming up very strongly, and is our priority going forward.” The appointment of Sybille Darricarrère Lunel, formerly global business unit director of leather goods at Christian Dior Couture, as CEO of the fashion division last year, reflects this focus. Darricarrère Lunel replaced Toledano, who temporarily served as acting CEO.
Victoria Beckham’s business began as a direct-to-consumer brand and still relies heavily on digital sales, with company e-commerce accounting for 50 percent of revenue, according to Belhassen. Nevertheless, with the U.S. remaining the brand’s largest market, expansion of brick-and-mortar stores is being prioritized, culminating in upcoming openings in New York and Paris.
On the subject of the Saks Global bankruptcy’s impact, Belhassen described it as “significant,” since Saks was the brand’s largest U.S. customer. He noted the business experienced a decrease of “a few million” in sales last year as a result of the financial difficulties.
Belhassen maintains confidence in a recovery: “We’ve been in very close communication with them, and hopefully they’re going to come back very strong, but last year was difficult for sure.” He added: “Saks is a fantastic name, and I cannot believe that wholesale is finished in the U.S. The way forward, maybe, is to manage it like a family business, tight on cost and high control on the merchant side by people who know and understand fashion and beauty. That had been lost a little bit, and I hope they come back.”
Victoria Beckham Beauty advanced its wholesale strategy in 2025, entering 170 new retail locations globally, including Space NK (UK), Mecca (Australia), Le Bon Marché and Oh My Cream (France), achieving strong brand positioning in each outlet. The company has also extended into the Middle East and recent entry into the German market, with best-selling products such as the Satin Kajal Liner and new Foundation Drops.
Beauty remains the larger sales division, but Belhassen foresees an eventual 50-50 split between fashion and beauty. However, he stated, “We want both businesses to grow as fast as possible.”
Victoria Beckham expressed similar ambitions for brand expansion in an interview last year, highlighting potential new categories such as lingerie and sportswear. “Did I ever dream that the brand would be at the level as it is now? I say dream big — and dream even bigger! But even I couldn’t have dreamed that I would be where I am now. We’ve spent years securing the foundations, and I really feel that now I am just scratching the surface.”
Full audited results for fiscal 2025 are expected to be submitted to Companies House, the UK’s official business registry, later this year.