The “transformative strategic partnership” has Authentic taking control of 75 percent of Vince’s intellectual property.
Vince will continue on as a public company led by chief executive officer Jack Schwefel and plans to use proceeds from the deal to increase its working capital and repay $27.7 million outstanding under a term loan credit facility.
“We believe this partnership will allow our teams to focus on our core ready to wear assortment for both women’s and men’s and build on our profitable domestic wholesale business while focusing on the execution of our key year term strategic growth initiatives,” the CEO said. Jamie Salter, founder, chairman and CEO of Authentic, said: “We are excited to partner with Jack and the VNCE management team as we expect to mutually benefit from the strength of the Vince brand that has been developed over the past 20 years. The addition of another luxury brand to our formidable portfolio is timely as we see demand for luxury goods growing in key markets around the world.”
Vince will join Authentic’s stable of more than 40 brands, which includes Reebok, Brooks Brothers, Barneys New York, Nautica, Jones New York and Van Heusen. Gross profits slipped to 39.6 percent of sales, down from 44 percent a year earlier, reflecting an increase in price promotions, higher sales allowances at wholesale, adjustments to inventory reserves and the wind down of the Rebecca Taylor business.
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