Victoria Beckham is cutting its retail prices by up to 40 percent in a bid to ‘future proof’ the company. The London-based design designer said she is moving to a simpler silhouette and less expensive fabrics, after the pandemic saw demand for embellished party dresses fall.
Victoria Beckham’s chief executive officer Marie LeBlanc said the changes were necessary in order to “guarantee the future.” In an interview with the Guardian broadsheet LeBlanc stated: “We are going to come out of this time with a hybrid lifestyle. Maybe you don’t have to dress up so much to take a meeting. Our customer is smart, she wants value for money.”
While tailoring is expected to remain a core category, Beckham is embracing a lo-fi aesthetic paired with a more accessible price point. A collection of easier silhouettes, focussed less on high-end simplicity and more on price and wearability could see Beckham expand her market reach and draw in new customers, especially a younger, more cost conscious clientele.
Since launching in 2008, the pop-star-turned fashion designer is yet to see her fashion business make a profit. In the company’s last last funding round in 2017 Victoria Beckham Ltd raised 30 million pounds. In recent years the London team has seen a roster of high profile designers and managers exit the label. The business remains in flux, albeit with a new plan.