Edun losses grow but backers stay committed to ethical label
Losses at Edun, the ethical clothing company run by Ali Hewson and husband Bono, were $7.56m in the 12 months to last December, accounts lodged at Ireland’s Companies Offices show. The figures take the accumulated losses at the firm to $74m.
The company has been lossmaking in escape of the last five years but the extent of the red ink had seemed to be in decline with the loss down to just $5.57m in 2014 from $6.4m in 2013.
The New York City-based company is being bankrolled by Bono and by 49% owner LVMH, the luxury goods giant, with last year’s accounts showing it relies on shareholder loans.
The accounts said: ”The shareholders have confirmed that they will not seek repayment of the said loans for the foreseeable future and they will provide the company with sufficient finances to ensure the continued operation of the company.”
The rock star and his wife set up Edun in 2005 with the aim of focusing attention on ethical issues in the fashion industry and supporting African artists and artisans.
Copyright © 2022 FashionNetwork.com All rights reserved.