P180, a new venture focused on accelerating growth in the luxury apparel sector, has purchased Sun Capital’s majority stake in the global luxury apparel and accessories brand Vince (VNCE).
The acquisition signifies P180’s commitment to fostering growth and enhancing profitability within the upscale clothing market.
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Vince has an extensive retail network of 47 full-price stores, 14 outlet locations and an established e-commerce platform through vince.com. Subscription service Vince Unfold is operated by CaaStle.
The company reported total net sales of $74.18m in the second quarter )Q2) of fiscal 2024, up 6.8% compared to $69.4m in Q2 FY23.
The acquisition heralds a change in leadership for Vince. Brendan Hoffman will become its new CEO from 3 February 2025.
David Stefko will vacate the role of interim CEO of VNCE but remain on its board of directors.
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By GlobalDataMatthew Garff has tendered his resignation from the board in relation to the P180 acquisition.
Hoffman said: “VNCE is the perfect partner for P180; the brand’s dominance in the luxury contemporary market aligns seamlessly with our acquisition strategy.
“In addition, as VNCE has evolved its operating model, we believe [that] having access to the technology and team of CaaStle, founded by Christine Hunsicker, my co-founder at P180, will further advance the company’s momentum in driving improved profitability while enhancing its omnichannel experience.
“I have a strong connection to the Vince brand, having served as VNCE CEO for five years. I am excited to lead the team again as we continue to unlock new growth opportunities, drive innovation, enhance the brand’s market position and focus on monetising the company’s inventory to ensure continued long-term success.”
This deal marks P180’s third significant transaction since its establishment in 2024 and follows its investment in Altuzarra and a digital partnership with elysewalker.
Following these transactions, P180 now beneficially owns 65% of Vince’s outstanding common stock, while affiliates of Sun Capital retain 2%.
