Victoria Beckham nearly lost fashion brand after going tens of millions in debt

Victoria Beckham She was almost forced to close her namesake fashion brand after falling victim to irresponsible spending that left her company “tens of millions in the red”.

In the new Netflix documentary, “Victoria Beckham,” the former Spice Girl — who, throughout the three-part series, has given viewers a behind-the-scenes look at what it takes to prepare for a show at Paris Fashion Week — gets candid about relying on her husband, David Beckham, for financial help in the early years of launching her company, explaining Detailing the “incredible” decisions that almost cost her her brand.

“This work is everything to me,” she said in the documentary. “It definitely represents my identity. But it has been a hell of a journey.” “I lost almost everything, and it was a dark, dark time. I would cry before I went to work every day because I felt like a firefighter. We were tens of millions in the red.”

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Victoria Beckham was almost forced to close her namesake fashion brand after falling victim to irresponsible spending that left her company “tens of millions in the red”. (Axel/Power-Griffin/MovieMagic)

“Yes, I’m going home to my husband, but I’m going home to my business partner, too. So I was talking to him about it. I had to do it. He was an investor. And I hated it. I absolutely hated it.”

David said as they both looked at their Investments within the companyand came to the conclusion that something had to change.

“We sat there and looked at what I had invested, and I think part of that conversation broke my heart because Victoria is a proud woman,” David said.

He added: “When we met, she was a lot richer than me. She actually bought our first house in Hertfordshire, known as Buckingham Palace.” “So she had to come to me and say, ‘Can I get some money? We need more money. “The business needs more money,” and that was difficult for us because I didn’t have the money to keep doing it, and in the end I said, “This can’t go on.”

“The whole house collapsed,” Victoria said.

“I was losing my business. I needed outside investment. I needed someone to help me,” she said.

Beckham admitted to irresponsible spending early in the launch of her company. (Dominique Charrio/WireImage)

The former pop star eventually reached out to outside investor David Belhassen, who claimed the state of the company was a “disaster” at the time.

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“I’ve never seen anything this difficult to fix,” he said.

“For years, people would tell her what she wanted to hear,” Belhassen said. “I remember one of the expenses was for office plants. She loved plants.” “It was costing £70,000 a year. And then there was someone coming in to water the plants for £15,000 a year – and that’s just the beginning. So I went up to her and decided to tell the truth, exactly as it was, and I didn’t know how she would react.”

“I said, ‘Victoria, we have to change everything,'” Business restructuring“And it will hurt,” and when I finished I just listened, leaving a little silence.

Victoria admitted it was difficult to hear the truth.

“I didn’t go to business school, I came from an entertainment background… I didn’t realize it at the time, but the waste was amazing. I mean, I had 15 different linings for the insides of outerwear. People thought I used to have the best… weird stuff like flying chairs from one side of the world to the other.”

Victoria relied on her husband, David Beckham, for financial help with her company. (Chandan Khanna/AFP via Getty Images)

“I hear it now and I’m terrified, but I let it happen,” she said. “I think part of the problem was that people were too afraid to say no to me. There’s a power to being honest, which is the power of celebrity. People thought I wasn’t used to hearing no.”

“I needed to put Victoria Beckham in Victoria Beckham,” she said.

And that’s what I did.

Elsewhere in the documentary, Victoria also spoke about one of the toughest challenges she faced: her past Eating disorder.

“People felt it was okay to criticize a woman for her weight, what she does, what she wears,” David said in the documentary. “There were a lot of things happening in television then that wouldn’t happen now. It couldn’t happen now.”

He added: “My daughter, Victoria, who I know, is sitting at home in a tracksuit, smiling and laughing and having a glass of wine. That started to fade because of the criticism she was receiving.”

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While recalling an incident in 1999 when a TV presenter asked her to step on the scale live on air to make sure her weight was “back to normal” six months after giving birth to her first child, Victoria admitted that the whole ordeal affected her deeply.

Victoria Beckham said she “lost all sense of reality” while hiding her eating disorder. (Chris Argon/AFP via Getty Images; Dave Hogan/Getty Images)

“I was weighed on national television when Brooklyn was 6 months old,” she said in the documentary. “Get on those scales on TV. Have you lost weight? And we laugh about it, we joke about it when we’re on TV, but I was really small and it hurt.”

During the live TV segment in question, “Don’t Forget Your Toothbrush,” host Chris Evans said: “A lot of girls want to know, ’cause you look great again, how did you get back into shape after giving birth?”

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After Victoria detailed her exercise regimen, Evans asked Victoria: “Is your weight back to normal? Can I check? Do you mind?”

This experience alone made Victoria feel like she wasn’t enough.

Victoria and David Beckham have been married for 26 years. (Vanina Lucchesi AFP via Getty Images)

“I was really starting to doubt myself and not love myself,” she said in the doc. “And because I let it get to me, I didn’t know what I saw when I looked in the mirror. You lose all sense of reality. I’m just so critical of myself. And I didn’t like what I saw.”

“I’ve been in everything from Porky Posh to Skinny Posh,” she continued. “I mean, it was a lot. And it’s hard. I had no control over what was written about me, or the pictures that were taken. And I suppose I wanted to control that. I could control that through clothes, I could control my weight, and I was controlling it in an incredibly unhealthy way.”

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“When you have an eating disorder, you become very good at lying,” she added. “And I was never honest about it with my parents. I never talked about it publicly. It really affects you when you’re constantly being told that you’re not good enough. And I think that’s been with me my whole life.”

At one point, the businesswoman broke down in tears in front of David while discussing her reasons behind everything she does.

“But who are you trying to prove it to?” David asked.

Victoria and David have been supportive of each other over the years. (Pascal Le Segretin/Getty Images)

“You probably have a lot of that,” said Victoria, who accepted financial help from David while building her brand in the early years. “I feel bad about all those times I had to ask you to help me.”

“You don’t ever have to prove it to me,” he said, to which Victoria replied: “No, but I want it myself. I want it. When I saw your face and the faces of the kids backstage after the last show, it wasn’t the first time, but it was a real moment for me where I could see how proud you are of me. I still have so much more I want to do.”

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“I think you’re trying to prove it to yourself,” David said. “Not for me. Maybe you’re too stubborn about the fact that you’re trying to prove everyone wrong.”

“Yes, success. It feels good. I’m not going to lie,” she said. “I’m proud, and I’m not ashamed to say, that I’m ambitious, and I still have a lot I want to do.”

“So you haven’t stopped yet?” David asked.

“I haven’t stopped yet,” she joked.