The business is growing in the double-digits, profits are on the rise and there are plans to open new stores in New York and Paris later this year.
Group sales, which include fashion and beauty, grew 19 per cent to more than $170M in 2025 while EBITDA [earnings before interest, taxes, depreciation and amortisation], or core operating profit, was more than four times higher than in the previous year, with beauty, leather goods, dresses and denim driving sales.
The group is close to achieving a 10 per cent EBITDA margin for the first time and both fashion and beauty are profitable, according to David Belhassen, whose Neo Investment Partners took a substantial minority stake in Victoria Beckham Holdings Ltd. in 2017. Since then, Belhassen has been hands-on with strategy, leveraging his experience with fashion and lifestyle brands including Tom Dixon, Valextra, Vuarnet and Ladurée, to build the business alongside Beckham and the brand’s chairman, Ralph Toledano.
Belhassen said he sees the brand eventually reaching $1bn in revenue, fuelled by fast-growing categories such as leather goods and beauty and by retail and wholesale expansion. Leather goods, which includes bags, belts and shoes, will become the biggest fashion category, accounting for 30 to 35 per cent of sales in the next three years, he said.
The category generated more than 13 per cent of fashion revenue in 2025 and Belhassen said it will likely become the biggest single category in 2026, outstripping dresses, which accounted for 20 per cent. Denim, another key category, accounted for more than 10 per cent of sales in 2025. He said the leather goods category “is coming up very strongly and is our priority going forward”.
That’s one reason why the brand named Sybille Darricarrère Lunel as CEO of the fashion division last year. At Dior, she oversaw the global product assortment across five collections a year, working closely with creative, production, sales, retail and communications teams. Darricarrère Lunel took over from Toledano, who was serving as acting CEO following the departure of Marie Leblanc, who’s now heading Courrèges in Paris.
