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Vince “to exit Rebecca Taylor business”

Tom Bottomley
13 September 2022

Vince Holding Corp., owner of contemporary men’s and women’s fashion brand Vince, is closing the Rebecca Taylor women’s fashion business it acquired in November 2019, following a net loss of £12.8m ($15m) for Q2 to 30 July 2022.

Rebecca Taylor net sales decreased 27.9% to £7.1m ($8.3m) compared to the second quarter of 2021. Loss from operations was £4.7m ($5.5m) compared to a loss from operations of £1.4m ($1.6m) in the same period last year.

Total company net sales increased 13.4% to £76.1m ($89.2m) compared to £67.2m ($78.7m) in the same period last year, reflecting a 20.5% increase in Vince brand sales and a 27.9% decrease in Rebecca Taylor and womenswear brand Parker sales, combined.

Vince CEO, Jack Schwefel, said: “During the second quarter we saw momentum in Vince across both our women’s and men’s businesses as customers have returned to more normalised activities and events and are gravitating to the versatility of our sophisticated high-quality assortment. While we are operating in a challenging macro environment with increased pressure on profitability, we remain focused on executing against our strategic initiatives for Vince, including the upcoming relaunch of the brand’s e-commerce platform.

“Given the increased headwinds from the range of macroeconomic and pandemic related issues in the industry that Rebecca Taylor in particular has faced over the past two years, we have made the difficult decision to exit our Rebecca Taylor business. The closure of Rebecca Taylor will allow the company to focus on Vince’s core businesses and our overall financial foundation for the long-term.”

Rebecca Taylor, a New Zealand-born designer based in New York, stepped away from her company in August 2019 to pursue other fashion opportunities. In its prime the brand’s garments were worn by film stars and celebrities including Cameron Diaz, Reese Witherspoon and the cast of Sex and the City.

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