Edun Apparel aims to create a fair trading relationship with Africa...
Bono and Ali Hewson's global fashion brand, Edun Apparel, continues to struggle badly.
Accumulated losses for the firm, which places an emphasis on trading equality, climbed to $74.3m (67.2) last year, and it continues to be propped up by shareholder loans.
Along with the Hewsons, LVMH is a shareholder in the ethical clothing company. The world's largest luxury group, which includes the big brand likes of Louis Vuitton and Moët & Chandon, owns a 49% stake in Edun. It offers both investment and infrastructure to help the business grow into a global fashion brand and support its vision to grow trade in Africa.
Newly-released figures show that Edun was down $7.56m for the 12 months to the end of December 2015, a 35% loss increase on the $5.57m it leaked the year previously.
It is the latest in an unbroken string of losses over the past half-decade: $6.4m in 2013; $7.88m in 2012; and $8.5m in 2011.
The New York-based brand was established in 2005 in an attempt to foster positive change in how trading is conducted with Africa. Its wares have been on display in Louis Vuitton's Core Values ad campaign, with the couple donning the clothes in Annie Leibovitz photos shot in Africa, while Rihanna and the Red Hot Chili Peppers' Anthony Kiedis are just a couple of the pop culture names that have attended its collection launches.
A note attached to the accounts stating that budgets and cashflows for a period of at least 12 months from the date of the approval of the financial statements is intended to demonstrate that the company is not in danger of failing to meet its liabilities.
In better business news for the Hewsons, the natural beauty line Nude set-up by Ali was bought by US firm Beautycounter in June.
Beautycounter said it was "thrilled" that Bono would join the company as an investor and Ali would join the board of directors at Counter Brands, the parent company of Beautycounter.