Headquartered in New York, Authentic Brands Group has entered into a definitive agreement to acquire the intellectual property (IP) of Vince.
Authentic Brands Group, a brand management company, owns UK retailer Ted Baker and US surfwear brands Quiksilver and Billabong.
Vince, the US luxury casualwear brand posted heavy losses for the fiscal year 2022. Vince Holding reported a 7.8 per cent decline in sales in the Q4 ended 28th January 2023 to US $ 91.3 million, down from US $ 99 million in the same period last year.
As per reports, the brand’s parent company Vince Holding will contribute its intellectual property to a newly-formed Authentic subsidiary known as ABG Vince.
ABG Vince will have a majority ownership of 75 per cent by the Authentic Brands Group. The remaining 25 per cent will be retained by Vince Holding.
“The addition of Vince strategically expands Authentic’s portfolio of globally renowned Luxe brands. We see significant opportunities to expand Vince’s offerings to meet the growing demand for premium and luxury goods around the world,” said Jamie Salter, Authentic founder, chairman and CEO.
Vince CEO Jack Schwefel said: “We are pleased to partner with Authentic and unlock the great potential there is for the Vince brand.
“I’m very proud of the work we have done to build Vince over the last 20 years and thrilled to focus on our strategic growth initiatives, including strengthening our operations and expanding our men’s offerings and international presence. We are confident that with Authentic’s proven know-how in brand building combined with our design and distribution expertise, Vince is poised for long-term growth.”
It can be mentioned here that prior to this, after reporting a US $ 15 million net loss for the Q2 to 30th July 2022 in September, Vince Holdings announced plans to shutter its womenswear label Rebecca Taylor, which it acquired in November 2019 for US $ 19.7 million.
