Bono and Ali's ethical clothes firm loses €6.8m

The announcement follows the news that a company backed by the U2 singer lost more than €513m as shares in the Facebook social network continued to fall.

The value of Elevation Partners, in which Bono is an investor, has dropped from €1.09bn to €578m since the Facebook flotation just three months ago.

But Bono and Ali didn't let their investment losses get them down as they attended this weekend's Electric Picnic.

They turned up to catch a set by long-time friend Gavin Friday on the first day of the music and arts event at Stradbally. As U2's 'special adviser', Gavin dedicated his song Angel to Bono and Ali, who are celebrating their 30th wedding anniversary this month.

It was Bono's first visit to the Electric Picnic, which is now in its ninth year.

Organic

The scorching weather and broad range of music on offer at the Laois festival certainly would have taken the couple's mind off their recent financial losses.

Edun, which was founded in 2005, creates and manufactures organic cotton clothes sourced primarily in Africa.

In 2009, the world's largest luxury goods group LVMH invested $8.5m in Edun Apparel.

This was the first foray into ethical fashion for the Paris-based group, which already includes Louis Vuitton, Moet & Chandon, Veuve Clicquot and designer clothing brand Donna Karan.

Edun is financed by shareholders' loans, which totalled $36.2m at year-end, up from $24.4m the previous year.

The most recent accounts show that the company had a shareholders' deficit of $29.2m at the end of December 2011, up from $20.6m the previous year.

Anti-poverty activist Bono is an ideal fit with the company whose mission is to bring about "positive change through its trading relationship with Africa".

clairemurphy@herald.ie