Remember Bono’s Clothing Company? Yeah, Well, It’s Not Doing So Well

Bono may be making tons of cash from his involvement with Elevation Partners (his tech investment company), but he’s not been doing so well with his clothing venture. From the Irish Times:

EDUN APPAREL, the ethical clothing company owned by Bono and his wife Ali Hewson, made a loss of $8.5 million (€6.8 million) last year.

Accounts just filed for the year ended December 2011 show the company, which is 49 per cent owned by the world’s largest luxury goods group LVMH, had net liabilities of $29 million (€23 million) at year-end.

Separately, accounts for UFIP (Ireland) – the Irish-registered firm through which LVMH holds its interest in Edun – show LVMH wrote down its $8.5 million investment in the clothing company by $7 million in 2010.

Read the full story here.

 

Alan Cross

is an internationally known broadcaster, interviewer, writer, consultant, blogger and speaker. In his 30+ years in the music business, Alan has interviewed the biggest names in rock, from David Bowie and U2 to Pearl Jam and the Foo Fighters. He’s also known as a musicologist and documentarian through programs like The Ongoing History of New Music.

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