David Beckham quits fashion brand following $22M loss as wife Victoria furloughs staff amid pandemic

David Beckham has cut all his ties with a popular clothing brand after the business reported a loss of $22 million (£18 million). The 44-year-old exited early from a five-year-old deal with Kent & Curwen.The former soccer superstar joined the upmarket fashion label in 2015 to boost its business. He was also reportedly getting a seven-figure sum to be a business partner. However, months after he launched a high profile collection with the brand, inspired by the hit show ‘Peaky Blinders’, he is now leaving it.

“He actually parted company with the business at the end of last year. But contractual negotiations are still ongoing,” a source said. Though he has quit the firm, Beckham remains the face of the business, and the official website claims he still is a business partner.

As per reports, the $22 million (£18 million) loss over three years has also forced brand owner TBUK to lay off nearly a third of its employees in October 2019 to make a $2.2 million (£1.8 million) saving on salary costs.

Besides, the brand faced a huge backlash for its collaboration with the band ‘The Stone Roses’ from fans as they accused the fashion label of its "extortionate" prices, with hats retailing for $93 (£75), jackets available for $559 (£450), and $192 (£155) for sweatshirts. At the time, announcing their partnership with the band, Kent & Curwen said in a statement: “Kent & Curwen Creative Director, Daniel Kearns, grew up listening to The Stone Roses. For him, they are a band that established the look and the sound of the ’90s.”

“The music and artwork created by The Stone Roses now form the inspiration for the Kent & Curwen Spring/Summer 2019 collection which celebrates the feeling of British summertime, iconic British music, and British culture,” the brand added.

Beckham’s departure from the label comes soon after his wife Victoria, who is worth $444M, was slammed for furloughing her staff to help save her fashion label during the coronavirus crisis. As previously reported by MEA WorldWide (MEAWW), Victoria’s fashion brand furloughed 25 of her 120 workers amid the Covid-19 pandemic.

“Like many, Victoria has reluctantly had to furlough staff members. It wasn't a decision she took lightly but, for the long-term stability and profitability of the company, it had to be done,” an insider had reportedly said.

However, the 46-year-old fashion designer’s decision did not go done well with Twitter people as one said, “Victoria Beckham, along with her husband, have a combined wealth of £335 million yet she has used @RishiSunak's furlough scheme to pay her staff, therefore taking taxpayers' money.” “#victoriabeckham clearly has no conscience Disgusting using taxpayers cash to prop up her so-called fashion label" commented another angry social media user.

But the former Spice Girl defended herself arguing that it is 'unfair' that she is being 'slammed' for something she is not the only one doing. "Victoria's telling friends that despite her birthday, it's been the 'worst week'. She doesn't think it's fair she's getting slammed for something a lot of companies and businesses are doing. She thinks it's unfair and had no idea the backlash would be this bad,” a source revealed.