Vince Holding Corp news and archive

Vince Holding: Sales decline but profit improves

For the third quarter, Vince Holding net sales decreased 4.7 percent to 80.2 million dollars driven by an 8.3 percent decrease in Vince brand direct-to-consumer sales and a 2.2 percent decrease in Vince brand wholesale sales. The company’s net income increased to 4.3 million dollars or 34 cents per diluted share, while adjusted net income was...

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Vince Holding posts Q2 net sales growth of 6.8 percent

Vince Holding’s net sales increased 6.8 percent to 74.2 million dollars driven by a 7 percent increase in Vince brand sales due to a 29.6 percent increase in the wholesale channel. The company said in a release that the growth in the wholesale channel more than offset the 18.1 percent decline in the direct-to-consumer channel which continued to...

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Vince Q1 net sales drop but profitability improves

Vince Holding Corp. reported a first quarter net sales decrease of 7.6 percent to 59.2 million dollars driven by a 7.5 percent decrease in Vince brand sales and the pullback in the off-price business within the wholesale channel. The company said in a release that gross margin improved 440 basis points, gross profit rose to 29.9 million dollars...

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Vince Holding is back in the black during 'transformation year'

US clothing supplier Vince Holding Corp. has returned to profitability in the 2023/24 financial year despite a significant drop in sales. The group "took the right steps" in a "year of transformation", explained interim CEO David Stefko in a statement published on Tuesday. The company had indeed made drastic changes to its business model: the...

Business

Vince swings to profit in Q3

Vince Holdings’ third quarter gross profit for the quarter rose to 37.2 million dollars or 44.2 percent of net sales, while net income was 1 million dollars or 8 cents per diluted share and adjusted net income was 1.8 million dollars or 15 cents per share. However, the company’s net sales decreased 14.7 percent to 84.1 million dollars driven by...

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Vince announces transformation plan to boost profitability

Vince Holding Corp. has announced a transformation program focused on driving enhanced profitability through an improved gross margin profile and optimised expense structure. The company said that the transformation efforts are expected to generate over 30 million dollars in savings over the next three years and the efforts will be led by...

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Vince Holding Q1 sales hit by Rebecca Taylor wind-down, but losses narrow

US fashion group Vince Holding Corp managed to narrow its losses in the first quarter despite its sales dropping year-on-year as the wind-down of its Rebecca Taylor hit its top line. The company announced last September it would be closing down its Rebecca Taylor business to focus its resources on its namesake Vince brand. Sales in the three...

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Vince Holding Corp posts drop in Q4 sales as losses widen

US fashion group Vince Holding Corp has reported a 7.8 percent drop in sales in the fourth quarter as its losses widened. It comes the same day Authentic Brands Group (ABG) announced it entered into a definitive agreement to acquire the intellectual property of the Vince brand. Vince Holding Corp said Monday it made sales of 91.3 million dollars...

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Vince Holding to appoint new CFO

Vince Holding Corp., a multi brand fashion conglomerate, has announced its chief financial officer David Stefko will be retiring from his role and stepping down from the company February 10, 2023. Amy Levy, Vince’s current senior vice president, financial planning and analysis and investor relations, will succeed Stefko, who is set to remain...

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Vince Holding sells intellectual property of Rebecca Taylor

Vince Holding is making progress with its plans announced earlier this year to unwind its Rebecca Taylor brand. In a short statement, the US company said it has sold the intellectual property and certain related ancillary assets of Rebecca Taylor to Ramani Group. Vince Holding announced in September it would be exiting its Rebecca Taylor...

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Vince Holding Corp Q3 sales increase, but swings to loss

US fashion group Vince Holding Corp has reported a 12.7 percent increase in net sales in the third quarter of the year, but swung to a loss. The group made net sales of 98.6 million dollars in the quarter ended October 29, up from 87.5 million dollars a year earlier. CEO Jack Schwefel said the growth reflected continued growth from its namesake...

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Vince Holding Corp to close Rebecca Taylor business as Q2 losses widen

US fashion group Vince Holding Corp has announced plans to exit its Rebecca Taylor business “to focus its resources on the Vince brand”. The company said it is in talks with its lenders to finalize the wind down plan, “which is expected to include selling off its assets and exiting its various business channels”. It comes as the group's...