Bono and his wife Ali Hewson’s ethical clothing range has been dealt a blow after recording losses of $7.8 million.
Figures filed with Ireland’s Companies Office show that Edun Apparel Ltd made huge losses in the last 12 months, amounting to millions.
The company’s failure to pull in profits over the last year follows 2011’s dire finances, when the company recorded losses of $8.5 million.
Despite the situation, directors at the company state in the report that they are “very satisfied with progress during the year, which was in line with the (five-year) strategic business plan projections.”
The celebrity couple launched the retailer in 2005 to help promote the African fashion industry and improve the continent’s trade around the globe.