Bono losing on his fashion collection

Business hasn’t been brisk for U2 frontman Bono and his wife, Ali Hewson, according to a report on Coco Perez.

In 2005, the couple launched their own collection of ethical clothing, Edun, to raise funds for Africa.

However, rather than raise money, it seems that the company has lost a lot of it.

The brand had already weathered a financial crisis in 2008, but 2009 has been even more dismal: The couple’s collection has incurred a loss of 9 million U.S. dollars, or 90% more than last year.

Edun, based in Dublin, was set up by the couple to promote trade with Africa.

Financial records show that the brand has borrowed approximately $ 11.4 million from shareholders without even offering them  securities or interest.

Even the fact that Louis Vuitton bought a large portion of Edun last year hasn’t helped the brand stay viable.