Bono and Ali brands record losses of 76 million euros

The losses accumulated in the ethical clothing company controlled by Bono and Ali Hewson reached $ 86.4 million (76.5 million euros) last year.

New figures filed at the Office of Companies show that Edun Apparel Ltd recorded a loss of $ 5.7 million (5.1 million euros) over the 12-month period ending last December. The loss of last year continued the trend of the heavy annual losses recorded in recent years for the company. The loss in 2017 results from losses of $ 6.3 million in 2016, $ 7.56 million in 2015 and $ 5.57 million in 2014. The Company recorded cumulative losses of $ 47 million. dollars since 2011.

Bono and his wife, Ali, created the global fashion brand in 2004 with the goal of making positive changes through their commercial relations with Africa. Last June, the luxury brand giant LVMH decided to withdraw from the market after years of continuous losses.

LVMH invested for the first time in Edun in 2009, taking a 49% stake in the company. An LVMH spokesperson confirmed that he would effectively return his stake in Edun without financial compensation.

Edun is essentially financed by "shareholder loans", say the accounts of 2017.

Indo Business