Fashion and beauty growth lifts revenue to £129.8 million, with the company reporting continued double-digit gains in 2026
Victoria Beckham Holdings Ltd. recorded its first operating profit in fiscal 2025, marking a financial milestone for the fashion and beauty company after several years of double-digit revenue growth.
Operating profit reached 7.3 million pounds for the year ended Dec. 31, compared with an operating loss of 1.6 million pounds a year earlier. EBITDA, or earnings before interest, taxes, depreciation and amortization, increased more than fivefold to 12.1 million pounds, while revenue rose 15 percent to 129.8 million pounds.
The results marked the company’s fifth consecutive year of double-digit revenue growth, with gains coming from both fashion and beauty as well as across direct-to-consumer and wholesale channels.
Beauty was a significant contributor to the expansion. Victoria Beckham Beauty’s Foundation Drops more than doubled the size of its skincare business, while Portofino ’97 Eau de Parfum, introduced in 2023 as part of the brand’s initial fragrance collection, has become one of its best-selling products.
Lauren Edelman, CEO of Victoria Beckham Beauty, said the company’s approach to product development remained deliberately selective. She said the company “doesn’t chase the market or fill a pipeline. Simply put, unless we all can’t wait to have what we’re working on, [the product] doesn’t go onto the development plan. 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.”
The fashion business also posted growth, supported by demand for tailoring, occasion-wear and elevated daywear. Dresses and gowns were among its strongest categories, accounting for 32 percent of the retail business in 2025. The Iconics collection also performed strongly, led by established styles including the Katherine Jacket, Alina Trouser, Isabella Gown and Bela Dress.
Direct-to-consumer sales benefited from increased traffic and conversion at the company’s Dover Street flagship in London as well as growth through its e-commerce business. Wholesale sales also increased during the year.
“Achieving our first operating profit is a landmark moment for Victoria Beckham and reflects several years of disciplined execution and strategic investment. Delivering this result against a more challenging luxury market and macro backdrop makes it an even more significant milestone for the business,” said Sybille Darricarrère Lunel, chief executive officer of Victoria Beckham.
The company is now moving into a broader international expansion phase across both divisions. Victoria Beckham Beauty added retail partners in 2025 including Mecca in Australia, Nordstrom and Bloomingdale’s in the U.S., Oh My Cream in France, and Space NK and Harrods in the U.K.
“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 said.
The beauty business is targeting a presence in more than 300 retail locations across 15 markets, with further expansion planned in the U.S., its largest market. It has also entered KaDeWe in Berlin and de Bijenkorf in Amsterdam and plans to launch in the Middle East before the end of the year.
Fashion is pursuing a similar retail expansion. The company recently opened its first U.S. retail location with a temporary store at Bal Harbour Shops, scheduled to operate through October. A permanent New York store on Mercer Street is planned to open in September and will bring the company’s fashion, beauty and fragrance businesses together under one roof. Additional store openings and wholesale partnerships are planned across Europe, the U.S. and the Middle East.
David Belhassen, chairman of Victoria Beckham and chairman and founder of investor NEO Investment Partners, said the company has been built “with patience and rigor.”
He said Victoria Beckham was ready to enter a 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.”
The next test will be whether Victoria Beckham can maintain profitability while accelerating its international retail expansion. Early indications remain positive: the company said sales continued to grow at a double-digit rate during the first half of 2026, putting greater focus on whether fashion and beauty can sustain that momentum as investment in new stores and distribution increases.