Bono's Clothing Company Suffers Financial Blow
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".
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