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

Victoria Beckham was forced to close her almost-eponymous fashion brand after falling victim to irresponsible spending that left her company in “tens of millions in losses”.

In Netflix’s new documentary titled “Victoria Beckham,” the former Spice Girl, who gives viewers a behind-the-scenes look at what it takes to prepare for a show at Paris Fashion Week throughout the three-episode series, got candid about relying on husband David Beckham for financial help in the early years of her company’s launch, detailing the “mind-blowing” decisions that nearly cost her her brand.

“This job is everything to me. It’s definitely who I am. But it’s been a very difficult journey,” he said in the documentary. “I almost lost everything and it was a very dark time. I would cry every day before going to work because I felt like a firefighter. Tens of millions of people were in danger.”

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“Yes, I’m going home to my husband, but I’m also going home to my business partner. So I would talk to him about it. I had to talk. He was invested. And I hated it. I absolutely hated it.”

David said they both examined their investments within the company and concluded that something needed to change.

“We both sat there and reviewed how much I had invested, and I think part of that conversation broke my heart because Victoria is a proud woman,” David said.

“He was much richer than me when we met. He actually bought our first house in Hertfordshire, known as Beckingham Palace,” she added. “So for him to come to me and say, ‘Can I have some? We need some more money. The business needs more money,’ it was hard for both of us because I didn’t have the money to keep doing this, and eventually I said, ‘This can’t keep going.'”

Victoria said the “whole house was destroyed”.

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

Beckham admitted to irresponsible spending at the beginning of his company’s founding. (Dominique Charriau/WireImage)

The former pop star eventually linked up with outside investor David Belhassen, who claimed the company’s situation was a “disaster” at the time.

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

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

“I said, ‘Victoria, we’ve got to change everything, we’ve got to restructure the business, and it’s going to be painful,’ and when I was done she just listened and left some silence,” he recalled.

Victoria admitted that it was difficult to hear the truth.

“I wasn’t a business major, I was from an entertainment background… I didn’t realize it at the time, but the waste was mind-boggling. I mean, I had 15 different linings for the inside of outerwear. People thought I was used to buying the best things… weird things like chairs flying from one end of the world to the other.”

Victoria relied on her husband David Beckham for financial help with his company. (CHANDAN KHANNA/AFP via Getty Images)

“I hear about this now and I’m horrified, but I allowed it to happen,” he said. “I think part of the problem was that people were afraid to say no to me. There’s a power in being honest, the power of fame. People thought I wasn’t used to hearing no.”

“I had to put Victoria Beckham in Victoria Beckham’s shoes,” she said.

And he did it.

Elsewhere in the documentary, Victoria also opened up about her past eating disorder, which was one of the toughest challenges she’s ever faced.

“People think it’s 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 on television that happened then that won’t happen now. That can’t happen now.”

“The Victoria I know is sitting at home in sweatpants, smiling, laughing, drinking a glass of wine. This started happening entirely because of the criticism she received,” he added.

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Recalling an incident in 1999 when a TV presenter asked her to weigh herself live on air to confirm that 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 has said she “lost all sense of reality” while hiding her eating disorder. (CHRIS ARJOON/AFP via Getty Images; Dave Hogan/Getty Images)

“I weighed myself on national television when Brooklyn was six months old,” she said in the documentary. “Get on the scale on TV. Have you lost weight? We laugh about it when we’re on TV, we joke about it, but I was really young and it hurt.”

During the live television segment in question, “Don’t Forget Your Toothbrush”, host Chris Evans said: “A lot of girls want to know because you look amazing again. How did you get back in shape after giving birth?”

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

This experience alone left Victoria feeling like she wasn’t enough.

Victoria and David Beckham have been married for 26 years. (VANINA LUCCHESI/AFP via Getty Images)

“I really started doubting myself and not liking myself,” she said at the doctor. “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 very critical of myself. I didn’t like what I saw.”

“I’ve been everything from Porky Posh to Skinny Posh,” she continued. “So it’s been a lot. And it’s hard. I had no control over what was written about me, the photos that were taken. And I guess I wanted to control that. I could control that with 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’ve never been honest with my family about it. I’ve never talked about it publicly. Being constantly told you’re not good enough really affects you. And I think that’s been with me my whole life.”

At one point, the businesswoman broke down in tears as she discussed with David the reasoning behind everything he did.

“So who are you trying to prove this to?” David asked.

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

“Maybe he does a lot for you,” said Victoria, who accepted financial help from David while establishing her brand in the early years. “I feel bad about all those times I had to ask you to help me.”

“You never have to prove that to me,” he said, and Victoria replied: “No, but I want to do it myself. I want it. When I saw your face and the kids’ faces backstage after the last show, it wasn’t the first time, but it was a real moment for me when I could see how proud you were of me. There’s still so much I want to do.”

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“I guess you’re trying to prove it to yourself,” David said. “Not for me. Maybe you’re too stubborn to try to prove everyone wrong.”

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

“So you’re not stopping yet?” David asked.

“I’m not stopping yet,” he joked.