Bono and Ali label racks up losses of €76m
Accumulated losses at the ethical clothing company controlled by Bono and Ali Hewson soared to $86.4m (€76.5m) last year.
New figures lodged with the Companies Office show that Edun Apparel Ltd recorded a loss of $5.7m (€5.1m) in the 12 months to the end of December last. The loss last year continued the trend of hefty annual losses recorded over recent years for the firm. The 2017 loss followed losses of $6.3m in 2016, $7.56m in 2015 and a $5.57m loss recorded in 2014. The firm has recorded accumulated losses of $47m since 2011.
Bono and his wife Ali established the global fashion brand in 2004 in an effort to bring about positive change through its trading relationship with Africa. It sustained a hefty blow in June of this year when luxury brand giant LVMH decided to exit the business after the years of continuing losses.
LVMH first invested in Edun back in 2009, taking a 49pc stake in the business. A spokesman for LVMH confirmed that it would effectively return its stake in Edun for no financial consideration.
Edun is essentially funded by "shareholder loans", the 2017 accounts show.