Kellwood Company and CRL Group LLC, announced the two parties have reached an agreement for Kellwood to acquire the assets of CRL Group LLC, owner of the Vince brand and trademark, according to Robert C. Skinner, Jr., Chairman, President and Chief Executive Officer of Kellwood Company.
The CRL Group LLC, is owned by John Paul Richard Inc, Rea Laccone and Christopher LaPolice.
Based in Southern California, Vince is a contemporary women's sportswear collection. Known for luxe staples, Vince reflects a modern, casual lifestyle.
Vince is sold at select specialty stores and luxury retailers such as Barneys, Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue, Nordstrom and Bloomingdale's.
Vince is expected to achieve sales in excess of $45 million in 2006. Rea Laccone will continue as Chief Executive Officer and Christopher LaPolice as President of Vince. The company will operate as part of Kellwood's Western Region division.
"Vince is one of the premier collections in the contemporary women's market. We believe very strongly in the excellence of their management team led by Rea and Christopher."
"We have gotten to know each other over the past year, and have the same philosophy on how to build the Vince business. We both feel there are excellent opportunities to increase our penetration in existing accounts as well as expand our international distribution," added Skinner.
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