“We are thrilled to officially welcome Vince to the Authentic fold,” said Jamie Salter, Founder, President and CEO of Authentic. “The addition of Vince strengthens our position in the luxury sportswear market. Authentic’s proprietary platform and global network of premier partners, along with the visionary expertise of the Vince Holding team, position the brand for continued global expansion and success.”
As part of the acquisition, Authentic has also entered into an exclusive long-term agreement with Vince, which is now the licensing partner for the brand’s core categories, and will manage its more than 60 retail stores, wholesale accounts current and its e-commerce operations. . Working closely with the Vince team, Authentic will draw on its proven playbook, which connects strong brands with best-in-class partners and a global network of carriers, distributors and retailers to optimize market value.
Authentic Brands Group acquired Vince’s intellectual property. Under the agreement, Vince Holding Corp contributed Vince’s intellectual property to a newly formed subsidiary, ABG Vince. Vince will serve as licensing partner for the brand’s core categories and manage its retail stores, wholesale accounts and e-commerce operations.
“We are delighted to have successfully completed this transaction with Authentic, marking a transformational step for Vince,” said Jack Schwefel, General Manager of Vince “Through the proceeds of this transaction, we have strengthened our capital base by repaying in full the outstanding balance of $27.7 million under our term credit facility as well as a portion of outstanding borrowings under our revolving credit. With a stronger balance sheet in place, we are now better positioned to focus more on expanding margins and executing on our strategic growth initiatives.
Fibre2Fashion (KD) News Desk