VINCE CO-FOUNDERS EXIT COMPANY AFTER CONSULTING CONTRACT ENDS
Contemporary fashion brand Vince Holding Corp. has announced that the company and brand founders, Rea Laccone and Christopher LaPolice, have mutually agreed to end their consulting arrangements based on the progress achieved in resetting the brand.
“We appreciate Rea and Christopher’s contributions to the organization over the last 15 months, and we believe that we have largely accomplished our objective of resetting the brand aesthetic and merchandise offering with their guidance,” said Brendan Hoffman, chief executive officer. “While our financial results do not yet reflect the progress we have made to the merchandise assortment, we believe the return to the design aesthetic and commitment to quality that made Vince a leading luxury brand in the premium department store channel is an important step in driving future growth.”
“The response to our initial collections and the tremendous insights that we have gained from our wholesale partners and retail field team, as well as our consumers, validate our belief that we are moving the assortment in the right direction,” continued Hoffman. “In addition to the improvements we have made to our merchandise assortment, we have pulled back on the excessive promotional activity in the brand as we focus on maintaining an elevated level of brand equity within the luxury fashion market. Going forward, we plan to make further enhancements to the merchandise offering, place greater focus on our omni-channel initiatives, with emphasis on the e-commerce channel, and drive increased efficiencies in our supply chain.”
Marc Leder, chairman of the Vince Board of Directors, added, “The Vince management team has the full support of the Board. They have taken several important steps toward resetting the brand and building a foundation for long term growth, and we appreciate Rea and Christopher’s contributions in helping the Company re-establish the Vince brand’s DNA. We look forward to seeing further progress as Vince expands its presence as a leading global fashion luxury brand in 2017 and beyond.”