Edun, the maker of ethical clothing from Bono, lost a total of £ 62 million

The ethical clothing company owned by U2 leader Bono and his wife, Ali Hewson, suffered cumulative losses of $ 86.4 million (£ 62 million), it was revealed.

New figures from the Companies' Office reveal that Edun Apparel LTD had recorded a loss of $ 5.7 million over the past 12 months, reported the Irish Mirror.

It has continued the trend of the heavy annual deficits recorded in recent years for society. In 2017, losses of $ 6.3 million in 2016, $ 7.56 million in 2015 and a loss of $ 5.57 million in 2014 were previously reported.

Edun suffered losses of $ 6.4 million in 2013; $ 7.88 million in 2012 and $ 8.5 million in 2011, resulting in cumulative losses of $ 47 million since 2011. The company has lost nearly $ 28 million in its first five years.

The global fashion brand was created in 2004 with the goal of creating positive change through its commercial relations with Africa and its positioning as a creative force in contemporary fashion.

The company suffered a heavy blow in June of this year when luxury brand giant LVMH decided to pull out of the market after years of continuous losses. It is the largest conglomerate of the fashion industry and is among its brands Louis Vuitton and Christian Dior.

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

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In a statement at the time of the release of LVMH, Edun said: "Following a joint review of the business, Edun is restructuring its business for its next chapter and LVMH will transfer its shares to the founders . "

The announcement coincided with reports that Edun would cease operations in the United States and follow Edun's only storefront store in New York, Manhattan's Lafayette Street, which closed at the end of May.

Mirror Online has contacted representatives for comments.