New figures lodged with the Firms Workplace present that Edun Attire Ltd recorded a lack of $6.three million (€5.three million) in the 12 months to the tip of December final.
The loss final yr continued the pattern of hefty annual losses recorded over latest years for the agency and the 2016 loss adopted losses of $7.56 million in 2015 and a $5.57 million loss recorded in 2014.
The agency recorded annual losses of $6.four million in 2013; $7.88 million in 2012 and $eight.5 million in 2011 ensuing in gathered losses of $42 million since 2011.
The U2 frontman and his spouse Ali Hewson established the worldwide fashion brand in 2005 in an effort to result in optimistic change by its buying and selling relationship with Africa and its positioning as a artistic power in modern fashion.
The fashion brand is predicated in New York Metropolis and its web site states that “in respect of its mission to supply manufacturing and encourage commerce in Africa, Edun mixes its fashionable designer imaginative and prescient with the richness and positivity of this quick-rising continent”.
It provides that “Edun is constructing lengthy-time period, sustainable development alternatives by supporting producers, neighborhood-primarily based initiatives and partnering with African artists and artisans”.
The 2016 accounts present that the agency’s shareholders, Bono, Ali Hewson and the world’s largest luxurious items group, LVMH proceed to prop up the agency by means of shareholder loans.
A be aware connected to the accounts states that that the corporate is financed by means of shareholder loans.
The be aware states: “The shareholders have confirmed that they won't search reimbursement of the mentioned loans for the foreseeable future and they are going to present the corporate with adequate funds to make sure the continued operation of the corporate.”
Arising from the 2009 deal to buy just below half of Edun, LVMH supplies assist, funding and infrastructure to assist the enterprise develop into a worldwide fashion brand and assist its imaginative and prescient to develop commerce in Africa.
Bono and Ali Hewson have featured in Louis Vuitton’s Core Values advert marketing campaign with the 2 carrying Edun brand clothes on location in Africa in images taken by Annie Leibovitz.
The figures present that Edun’s web liabilities elevated from $51.67 million to $57 million through the yr.
The agency’s money pile through the yr elevated from $three million to $four.2 million. The accounts present that administration charges fees by US-primarily based subsidiary Edun Americas Inc final yr decreased from $three. million to $.79 million.
Administrators’ pay on the agency final yr totalled $107,382.