Are Pricey Principles Wearing Thin, Bono?
Byline: Hannah-Louise Dunne Showbusiness Editor
IT is just four years since Bono and his wife Ali Hewson launched their ethical clothing label to make a difference to the lives of impoverished workers.
Back then, Robert De Niro and Christy Turlington were among the celebrities who joined them in Saks, on Fifth Avenue, New York, and unveiled Edun Apparel to the world.
But by last year, the company's was not experiencing such good fortune and it clocked up losses of some e12.8million, according to the Companies Office.
And as the losses mount, there are suggestions that consumers struggling with recession have become reluctant to pay a high price for their principles.
Edun was designed to alleviate poverty by charging designer prices for clothes produced in some of the world's poorest countries, ensuring that fair pay and good working conditions were guaranteed.
Bono has said: 'It's about respect for what your clothes are made of, for who is making them, for where they are made, and respect for the people who are going to put them on.' His wife added: 'Where you spend your hard-earned money says a lot about you.' But despite the brand's celebrity backing - from the likes of Helena Christensen - the company seems to be haemorrhaging money.
Latest accounts filed by the clothing company to the Companies Office show that the firm's losses had increased by about E3million last year from $14.5 million, or E9.8million, in 2007.
Based on Sir Rogerson's Quay, Dublin, the small operation also saw sales at its U. …