This audio is auto-generated. Please let us know if you have feedback.

Vince Holding is finalizing its wind down of Rebecca Taylor, which was originally announced last year.

The company sold its intellectual property and certain related ancillary assets to RT IPCO, an affiliate of Ramani Group. The company on Dec. 23 announced it completed the sale.

In September, Vince said that it wanted to close Rebecca Taylor in order to focus on its core business. 

“In light of the continued challenging macro environment and after careful consideration, we have made the difficult decision to exit the Rebecca Taylor business,” Vince CEO Jack Schwefel said on a call with analysts at the time. “This decision will allow us to focus all of our resources on the growth and profitability of the Vince brand going forward.”

In its third quarter results in mid-December, Vince Holding reported $11.1 million in costs associated with the wind down of the Rebecca Taylor business. It ended the quarter with 18 company-operated Rebecca Taylor stores. 

The global apparel and accessories company acquired Rebecca Taylor in 2019. Vince saw the acquisition as a way to diversify its portfolio and increase revenue.


Source link


Comments are closed.