NEW YORK--(BUSINESS WIRE)--
Vince Holding Corp. (NYSE: VNCE), a leading global luxury apparel and
accessories contemporary fashion brand (“Vince” or the “Company”), today
announced that the Company and Vince Founders, Rea Laccone and
Christopher LaPolice, have mutually agreed to end their consulting
arrangements based on the progress achieved in resetting the brand.
Brendan Hoffman, Chief Executive Officer, commented, “We appreciate Rea
and Christopher’s contributions to the organization over the last 15
months, and we believe that we have largely accomplished our objective
of resetting the brand aesthetic and merchandise offering with their
guidance. While our financial results do not yet reflect the progress we
have made to the merchandise assortment, we believe the return to the
design aesthetic and commitment to quality that made Vince a leading
luxury brand in the premium department store channel is an important
step in driving future growth. The response to our initial collections
and the tremendous insights that we have gained from our wholesale
partners and retail field team, as well as our consumers, validate our
belief that we are moving the assortment in the right direction. In
addition to the improvements we have made to our merchandise assortment,
we have pulled back on the excessive promotional activity in the brand
as we focus on maintaining an elevated level of brand equity within the
luxury fashion market. Going forward, we plan to make further
enhancements to the merchandise offering, place greater focus on our
omni-channel initiatives, with emphasis on the ecommerce channel, and
drive increased efficiencies in our supply chain.”
Marc Leder, Chairman of the Vince Board of Directors, stated, “The Vince
management team has the full support of the Board. They have taken
several important steps toward resetting the brand and building a
foundation for long term growth, and we appreciate Rea and Christopher’s
contributions in helping the Company re-establish the Vince brand’s DNA.
We look forward to seeing further progress as Vince expands its presence
as a leading global fashion luxury brand in 2017 and beyond.”
ABOUT VINCE
Established in 2002, Vince is a global luxury brand best known for
utilizing luxe fabrications and innovative techniques to create a
product assortment that combines urban utility and modern effortless
style. From its edited core collection of ultra-soft cashmere knits and
cotton tees, Vince has evolved into a global lifestyle brand and
destination for both women’s and men’s apparel and accessories. As of
October 29, 2016, Vince products were sold in prestige distribution
worldwide, including approximately 2,400 distribution locations across
approximately 40 countries. With corporate headquarters in New York and
its design studio in Los Angeles, the Company operated 40 full-price
retail stores, 14 outlet stores and its e-commerce site, vince.com.
Please visit www.vince.com
for more information.
This document, and any statements incorporated by reference herein,
contains forward-looking statements under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include the
statements regarding, among other things, our current expectations about
the Company's future results and financial condition, revenues, store
openings and closings, margins, expenses and earnings and are indicated
by words or phrases such as "may," "will," "should," "believe,"
"expect," "seek," "anticipate," "intend," "estimate," "plan," "target,"
"project," "forecast," "envision" and other similar phrases. Although we
believe the assumptions and expectations reflected in these
forward-looking statements are reasonable, these assumptions and
expectations may not prove to be correct and we may not achieve the
results or benefits anticipated. These forward-looking statements are
not guarantees of actual results, and our actual results may differ
materially from those suggested in the forward-looking statements. These
forward-looking statements involve a number of risks and uncertainties,
some of which are beyond our control, including, without limitation: our
ability to maintain adequate cash flow from operations or availability
under our revolving credit facility to meet our liquidity needs
(including our obligations under the tax receivable agreement); our
ability to successfully complete the migration of our systems and
processes from Kellwood Company and to successfully implement the new
systems, processes and functions following the migration; our ability to
ensure the proper operation of the distribution facility by a third
party logistics provider recently transitioned from Kellwood; our
ability to remain competitive in the areas of merchandise quality,
price, breadth of selection, and customer service; our ability to
anticipate and/or react to changes in customer demand and attract new
customers, including in connection with making inventory commitments;
our ability to control the level of sales in the off-price channels; our
ability to manage excess inventory in a way that will promote the
long-term health of the brand; changes in consumer confidence and
spending; our ability to maintain projected profit margins; unusual,
unpredictable and/or severe weather conditions; the execution and
management of our retail store growth plans, including the availability
and cost of acceptable real estate locations for new store openings; the
execution and management of our international expansion, including our
ability to promote our brand and merchandise outside the U.S. and find
suitable partners in certain geographies; our ability to expand our
product offerings into new product categories, including the ability to
find suitable licensing partners; our ability to successfully implement
our marketing initiatives; our ability to protect our trademarks in the
U.S. and internationally; our ability to maintain the security of
electronic and other confidential information; serious disruptions and
catastrophic events; changes in global economies and credit and
financial markets; competition; the impact of recent turnover in the
senior management team; the fact that a number of members of the
management team have less than one year of tenure with the Company, and
the current senior management team has not had a long period of time
working together; our ability to attract and retain key personnel;
commodity, raw material and other cost increases; compliance with
domestic and international laws, regulations and orders; changes in laws
and regulations; outcomes of litigation and proceedings and the
availability of insurance, indemnification and other third-party
coverage of any losses suffered in connection therewith; tax matters;
and other factors as set forth from time to time in our Securities and
Exchange Commission filings, including under the heading "Item 1A—Risk
Factors" in our Annual Report on Form 10-K and our Quarterly Reports on
Form 10Q. We intend these forward-looking statements to speak only as of
the time of this release and do not undertake to update or revise them
as more information becomes available.
This press release is also available on the Vince Holding Corp. website (http://investors.vince.com/).

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Source: Vince Holding Corp.