Vince, the reputed luxury casualwear brand from the US, has announced to close down its Rebecca Taylor business.
The move follows the recent poor second-quarter performance of Rebecca Taylor, which saw its sales fall by 27.9 per cent year-on-year (Y-o-Y).
The Vince brand, in particular, saw a sales rise of good 20.5 per cent during the second quarter.
The total net sales of the brand, during the said period, rose by 13.4 per cent Y-o-Y to clock US $ 89.2 million.
Importantly, the net loss rose by 2,400 per cent from US $ 600,000 in the second quarter of 2021 to US $ 15 million in the second quarter of 2022.
Substantiating over the closure of Rebecca Taylor business, Jack Schwefel, CEO, Vince, said “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 2 years, we have made the difficult decision to exit our Rebecca Taylor business.”
The US retailer operates through 14 outlets, 45 full-price retail stores along with its e-commerce site, vince.com besides its wholesale services.
