Victoria Beckham, 46, has had to lay off 20 members of staff at her fashion firm due to “really tough times” caused by the coronavirus lockdown. Sales at the star’s business are said to have been impacted badly by the pandemic.
The former Spice Girl’s flagship store in London was also forced to close back in March.
Victoria, who has a combined wealth of £330 million with husband David Beckham, 45, is also reportedly planning to halve the number of yearly fashion collections she releases to cut costs.
The difficult business decision is said to have left the mum-of-four feeling “devastated”.
A source said: “These are really tough times and no one is exempt from the pandemic’s clutches.
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A statement from a spokesperson at Victoria Beckham Ltd told Express.co.uk: “Victoria Beckham Ltd has been working hard to protect its people and, while adjusting to the impact of COVID-19 and the government lockdown, our decision to furlough a small number of our staff seemed the most appropriate option in keeping with many other businesses.
“The situation is dynamic, and, with the support of our shareholders, we now believe we can navigate through this crisis without drawing from the government furlough scheme.
“Our application was made in the best interests of trying to protect our staff, and that is still our absolute focus. We are doing everything we can to ensure we can achieve that without using government assistance.”
Ralph Toledano, who is the chairman of Victoria’s business, said sales of its clothing and accessories had stagnated in 2018 after years of growth.