U2’s Bono risks millions on ethical fashion line
Bono and his wife Ali Hewson may be at risk of losing million as their ethical clothing change, Edun, continues to lose money.
At the end of last year Bono, and his wife of 28 years, Ali, moved their family from Dublin to New York to help launch the ethical clothing line based in Tribeca, Manhattan.
Ali has now revealed that the business has so far failed to make a profit.
"It hasn't made money -- it hasn't made a profit yet," said Ali. "But it's growing. It's growing.
"The first five years of the company is about putting money in and building the trade. So of course we had to support it. We're still here supporting it now, because we believe in it."
In fact the Hewson family believed so entirely in the project that they all moved to New York to be closer to the day to day running of the business.
"I've been seeing how the operation was being upgraded on a daily, weekly basis," she said.
"It's been amazing to see how far it has come in six months.
In 2005 Bono, Ali and fashion designer Rogan Gregory founded the fashion line. However, Ali says that the mission to increase employment in developing regions of Africa has overshadowed the company itself.
Over the years Bono has endured some criticism for his constant involvement in charity campaigns. His critics feel that his methods are a little preachy and that he’s over exposed in the media. However Ali defends his ongoing charity activism.
“He's always known, if you want to get anything done you've got to stand in the firing line sometimes…He doesn't do it for the warm fuzzy feelings. He does it to actually bring some change about, and highlight issues that were being pushed under the carpet. And he does it very effectively.
"Bono will say to you, 'I'm sick of Bono, and I am Bono'."
Just three years ago Edun had $3.6 million in bank loans and owes it’s three shareholders $7.9 million.
Ali feels that the situation for the company can only get better as the Hewson’s partnered up with LVMH, who owns Givenchy, Moet & Chandon, Louis Vuitton, Fendi and Christian Dior.
Edun’s plans to have a line of clothing ready for the soccer World Cup this summer designed but children in the slums in Nairobi.
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