Jun 14, 2018
Vince plans retail stores for Austin, Los Angeles
Jun 14, 2018
Luxury retailer Vince said on Wednesday it plans to open two new U.S. stores in Austin, Texas and Los Angeles in 2018, as the American fashion brand strengthens its physical store network and exits key department stores.
The New York company will open The Domain in Austin, Texas in late June, followed by a new Los Angeles flagship in the Caruso development opening this September in the Pacific Palisades, 'Palisades Village'.
The openings come after recent openings in Naples, Florida, as well as The Gardens on El Paseo in Palm Desert, and The Mall at Short Hills in Short Hills, New Jersey.
Under parent Vince Holdings, Vince's new retail strategy involves a getting a foothold in shopping centres, as it exits certain department stores -- namely, Bloomingdale’s and Saks Fifth Avenue -- as a part of the company’s transformation strategy.
“Over the past several months we have made great strides in advancing our retail expansion strategy due largely to the strength of our product assortment and presentation, which has resonated with Vince customers across all channels,” said Chief Executive Officer, Brendan Hoffman.
“We believe that an exceptional product offering, coupled with a modern approach to retail, will continue to drive the momentum of our direct-to-consumer business and position our company to achieve sustainable growth over the long term.”
In its most recent financial update in April, Vince Holding sreported double-digit sales growth for the fourth-quarter period, on the back of strong comparable sales and surging direct-to-consumer sales, the latter up 22.9% to $36.2 million.
The quarter saw Vince return to profit. Net income was $74.5 million, or $6.41 per diluted share, for the last quarter, compared to a net loss of $162.1 million, or $32.81 per share, for the fourth quarter last year.
Founded in 2002, Vince has developed in to a fully fledged luxury lifestyle brand for both men and women. The brands products are sold across some 2,400 multi-brand locations within 40 countries.
The firm is based in New York and houses a design studio in Los Angeles. Vince operates 41 namesake stores, and 14 outlet stores, as well as an online global store.
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