Remember Bono's Clothing Company? Yeah, Well, It's Not Doing So Well

Bono may be making tons of cash from his involvement with Elevation Partners (his tech investment company), but he's not been doing so well with his clothing venture. From the Irish Times:

EDUN APPAREL, the ethical clothing company owned by Bono and his wife Ali Hewson, made a loss of $8.5 million (€6.8 million) last year.

Accounts just filed for the year ended December 2011 show the company, which is 49 per cent owned by the world’s largest luxury goods group LVMH, had net liabilities of $29 million (€23 million) at year-end.

Separately, accounts for UFIP (Ireland) – the Irish-registered firm through which LVMH holds its interest in Edun – show LVMH wrote down its $8.5 million investment in the clothing company by $7 million in 2010.

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