Bono’s company, Edun, recorded losses of over $9 million

Bono, the U2 frontman and his wife, Ali Hewson, founded the Edun brand in 2005 to stimulate investment on the African continent, the Irish couple imposing also ethical principles and organic materials in the fashion industry.

In 2009 the company’s debt is 90% higher than those recorded in 2008, according to documents published by British tabloid The Sun.

Luxury group LVMH, which owns Moët champagne brand and fashion house Louis Vuitton, bought in 2009 a significant number of shares in the Edun.

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Petra Ecclestone’s fashion firm is on hold

Even is she received a considerable help and investment from her billionaire father Bernie, Form Clothing will go out of business tomorrow after just two years.

According to rumors, Ecclestone, the Formula 1 boss, invested ‘a significant’ sum of money into the company and helped secure racing champion Jenson Button as the face of the line, but the company is understood to have run into financial difficulty.

Petra, 21, is untrained in fashion design but studied at the Art College in London. Here is what her friends say: ‘Petra put a lot of grit and determination into the label at first, but her interest dwindled and the company lost money,’ a source tells me.

‘Bernie told her she’s on her own. He’s not indulgent with his children and he once quibbled with Petra over a £100 fine.’

It seems it had not stocked Form clothing for six months. Petra had hoped to take the line to Japan and Germany but has put all plans on hold.

‘Form is not going to continue, I’ve stopped it for now to concentrate on charity,’ says the heiress, who is worth £2.3billion.

‘I’m going to concentrate on bespoke and made-to-measure and pause for a few months. I’m working with the Meningitis Trust for now.’