Bono and his wife Ali Hewson risk losing millions of euro if they fail in a new bid to get their ethical clothing line off the ground.

Ali has admitted their venture, Edun, has not made a profit yet but she is trying to reverse its fortunes since the family moved to New York last year.

She also admitted the “aesthetics” of the fair trading fashion range she founded with Bono and fashion designer Rogan Gregory in 2005 have been overshadowed by its mission to boost jobs in Africa and developing regions.

Less than three years ago, Edun had $3.6m in outstanding bank loans and owed its three shareholders $7.9m, but the Hewsons hope to turn the business around after partnering with global luxury goods giant LVMH last year.

Edun, which has a base in the trendy Tribeca area of New York, plans to bring out a collection in time for the World Cup, with designs by children who are living in slums in Nairobi.