By Charlie Conchie
David Beckham netted more than £70m in revenue through his business empire last year but his wife Victoria’s fashion firm required millions in cash injections to stay afloat, new accounts have shown.
In Companies House filings revealed today, the former England captain’s holding group DRJB said revenue more than doubled from to £72.6m in the year to December 2022, but a dramatic surge in costs ate into profit.
Administrative expenses for the firm nearly tripled to £46m in 2022 as Beckham pushed through a reorganisation of the group. The group reported a pre-tax profit of £10.8m, down from £23.5m last year.
Beckham sold off 55 per cent of his firm to the US group Authentic Brands in February 2022 for a reported £200m, in a move which saw brand Beckham join a stable of names including Reebok, Hunter, Elvis Presley and Ted Baker.
Beckham manages his brand partnerships and sponsorships through two subsidiaries of the holding group, David Beckham Ventures Limited and Seven Global.
David Beckham Ventures was buoyed by contracts with long-term brand partners Sands, Maserati, Panini and Guild eSports, alongside his controversial ambassadorial role with the 2022 Qatar World Cup in December.
After announcing the World Cup partnership in 2022, Beckham came under a barrage of criticism from social campaign groups who raised the alarm over the country’s human rights record and treatment of LGBTQ+ people.
Seven Global, which comprises the licensing and commercialisation of the ‘David Beckham’ brands which fall outside DB Ventures Limited, raked in £8.6m in profit through partnerships with Adidas, Tudor and Safilo.
The former England Captain paid himself and two directors £20.2m in the year from his DB Ventures vehicle, accounts show.
Wife Victoria Beckham meanwhile saw a surge in revenues through her fashion and beauty business to £58.8m but her business required cash injections from shareholders to stay afloat as bosses press ahead with turnaround plans.
Shareholders including the firm’s co-owner, private equity firm NEO, made additional loans of £6.9m to the firm, accounts reveal.
Victoria Beckham’s firm narrowed its losses to £3.3m but auditors raised the alarm of its ability to continue, saying there was “material uncertainty” about its ability to operate as a “going concern.”
