Bono's ethical fashion brand lost 7.8 million in FY12

Edun Apparel, the ethical fashion brand created

by U2's Bono and his wife Ali Hewson, has recorded a loss of 7.88 million dollars for the year to December 2012, as per figures filled in with the Irish Companies Office.

Edun Apparel has finished 2012 year into the red for second consecutive year, recording a 7.88 million dollars loss. The dire numbers compare to the previous year's 8.5 million dollars loss.

Despite the financial struggle, founders at Edun said that they "are very satisfied with progress during the year, which was in line with the (Five Year) Strategic Business Plan projections," as the ‘Herald’ reported, quoting the company's directors' report.

Last recorded financial release also includes an accumulated loss totaling up to 54.5 million dollars. Stakeholders Bono, Ali Hewson and LVMH would have reportedly further financed the brand during the past months, fuelling it with 17.8 million dollars in loans in 2012.

The celebrity couple launched the retailer in 2005 to help promote the African fashion industry and improve the continent's trade around the globe.

At the moment, Edun is “in an investment phase and has made much progress in building its supply chain, brand, marketing materials and retail partnerships, as well as the implementation of its mission,” ‘Irish Times’ reported. LVMH has a 49 percent stake in the ethical fashion brand since 2009.