The wholesale segment sales decreased 3.6 per cent to $51.1 million as compared to $53.0 million in the same period last year due to lower shipments to the off-price channel, the acceleration of seasonal wholesale deliveries into the second quarter and the seasonal timing of return reserves.
The company ended the quarter with 63 company-operated stores, a net increase of 4 stores since the third quarter of fiscal 2018.
“Our strong performance in the third quarter further demonstrates the continued momentum in the Vince brand. The growth in our direct-to-consumer business was led by our e-commerce channel and we remain pleased with the performance of our retail stores. In our wholesale channel, we continue to see evidence of market share gains and are excited to have expanded floor space in key doors. As we look ahead, we remain focused on advancing our strategic initiatives, which include growing our direct-to-consumer business through the expansion of our store base globally, driving market share gains within the wholesale channel, testing new product categories, and refining our marketing efforts to drive traffic and conversion, said Brendan Hoffman, chief executive officer, Vince Holdings.
“We are also very excited about the recently announced acquisition of Rebecca Taylor and Parker, which enabled us to form a global contemporary fashion group. We believe that the successful strategic initiatives employed by Vince will allow us to significantly grow these two brands on a global scale. We are well positioned to be leaders in the global contemporary space, which will allow us to drive long-term profitable and sustainable growth.”
“We are very pleased with the strong momentum in the Vince brand and will continue to advance our strategic growth strategies. As part of this, we have increased strategic investments planned for the fourth quarter of fiscal 2019 to support our long-term growth objectives. In addition, we are going through the necessary steps to complete the required SEC financial filings related to the acquisition of Rebecca Taylor and Parker and we will provide updated full year guidance to reflect the acquisition once this process is complete. Excluding the incremental strategic investments and the impact of tariff cost increases post September 1, 2019, our outlook for the Vince brand in 2019 is consistent with our previous guidance,” added Hoffman.
The company now plans to provide updated guidance for fiscal 2019 to reflect the acquisition of the Rebecca Taylor and Parker businesses by the end of January of 2020.
Vince Holding Corp is a global contemporary group, consisting of three brands: Vince, Rebecca Taylor, and Parker. Vince, established in 2002, is best known for creating California-inspired elevated yet understated pieces for every day effortless style. Known for its range of luxury products, Vince offers women’s and men’s ready-to-wear and accessories through 49 full-price retail stores, 15 outlet stores, and its e-commerce site, as well as premium wholesale channels globally and through its subscription service, Unfold.
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