Bono's Clothing Company Suffers Financial Blow


Bono


The rocker and his wife Ali Hewson's clothing company reportedly racked up 9 million dollars in losses, 90 per cent bigger than in 2008.

U2 frontman Bono and his wife suffered a financial blow in 2009 as their clothing company racked up $9 million in losses. The rocker and his wife Ali Hewson set up Edun in 2005 to stimulate business in Africa but accounts filed for the ethical fashion firm show it plunged into the red last year.

The debts were 90 per cent bigger than in 2008, according to official documents obtained by British newspaper The Sun. Luxury business group LVMH, which owns Moet champagne and couture house Louis Vuitton, is believed to have bought an "important" stake in Edun last year.

His clothing line aside, Bono recently announced that he along with his band U2 are working on "club-sounding" album, Associated Press reported. The band also plan to release a rock album and "Songs of Ascent," a set of tunes from the recording session of their latest record, 2009's "No Line on the Horizon".

© AceShowbiz.com


MORE FROM NEWS

Leave a Comment

Required fields are marked with *

   

TODAY'S HEADLINES

  1. Charlie Sheen Opens Up About His Wild Night With Lindsay Lohan: 'She Literally Tucked Me In'
  2. It's Over! Kim Kardashian 'Pulling the Plug' on Her Marriage to Kanye West
  3. Khloe Kardashian Reveals Secret to Her Big and Perky Butt
  4. Britney Spears Freaks Out After Sex Tape Leaks Online
  5. Angelina Jolie Demands Brad Pitt to Keep the Kids Away From Jennifer Aniston
  6. Report: Drake Dating Legendary Singer Sade Adu
  7. Ryan Gosling May Dump Eva Mendes as Reports of Her Past Affair Emerge
  8. Report: Generous George Clooney Under FBI Investigation for Money Laundering
  9. Zac Efron Left Paris Jackson Heartbroken Nearly a Decade Ago
  10. Sleepyhead Madonna Leaves Kids Starving at Daughter's Birthday Bash

CELEBS PHOTO