Victoria Beckham CEO steps down suddenly

Victoria Beckham CEO Paolo Riva has resigned from the company, citing personal reasons.

Victoria Beckham, the fashion label bearing the name of its founder, the one-time Spice Girl and model, has two stores – in Hong Kong and London.

Riva took up his role only last September. He will be replaced with immediate effect by chairman Ralph Toledano, who joined the business in March last year.

“I am proud of what I have accomplished with the team and wish the company great success for the future,” said Riva.

“It has been a real pleasure working with Paolo, and on behalf of the board, I would like to thank him for his contribution,” Toledano said, announcing the change. “I look forward to continuing to drive and implement the strategy for the brand with Victoria and the team.”

Product director Marie Leblanc de Reynies has been appointed to the new role of MD of brand and product and Pablo Sande, who has previously held roles with Salvatore Ferragamo and Burberry, as CFO and legal officer.

While Victoria Beckham has earned critical acclaim it is understood the brand has yet to make a profit with Beckham and her husband David, the high-profile businessman and former footballer, continuing to fund the label.