Victoria Beckham cuts prices of fashion line by 40%
Victoria Beckham is to cut the average prices for her fashion collection by 40% and move to simpler silhouettes to broaden the appeal of her designs and future proof the business.
The fashion designer told The Guardian that the 10-year-old luxury label, which has yet to turn a profit, had re-assessed how customers would want to dress in light of the pandemic which had led to a fall-off in demand for embellished dresses and formal workwear.
"I really embraced a more relaxed way of dressing during lockdown, and that changes what I want to wear now," Beckham told the newspaper.
The brand's CEO Marie Leblanc de Reynies said the label would be adapting to new "hybrid" lifestyles, which would see women blending home and office working. “Our customer is smart, she wants value for money,” she said.
As well as her mainline collection, Beckham has had a more accessibly priced line called VVB, a highly successful beauty business and an athleisure collaboration with Reebok, which is said to have performed well during lockdown. She also introduced some lifestyle items to her offer, such as blankets and cushions.
Prior to the pandemic, Beckham began showing her mainline label in London, having shown it in New York since its launched, and said she was committed to London Fashion Week and would be holding a small-scale presentation in September.