US luxury apparel company Vince Holding posts Q1 FY21 sales of $57 mn

15 Jun '21
2 min read
Pic: Vince Holding
Pic: Vince Holding

Vince Holding Corp, a US-based leading global contemporary group, has reported 47.5 per cent sales growth to $57.5 million in its first quarter (Q1) of FY21 ended on May 1, 2021, compared to the sales of $39.0 million in the corresponding quarter of previous fiscal. The company’s net loss for the period reduced to $11.6 million (Q1 FY20: $48.2 million).
“We are pleased with the pace of recovery in our business as we begin to emerge from the pandemic with significant sequential improvement in our financial performance. Strong consumer demand for the Vince brand’s effortless sophisticated luxury is reflected in both our retail and wholesale sell-through rates,” Jack Schwefel, chief executive officer at Vince Holding, said in a press release.
Gross profit for Q1 FY21 rose to $25.5 million ($16.0 million), while selling, general and administrative expenses were $32.6 million ($38.5 million). The company’s loss from operations was $7.1 million ($49.4 million).
During the three-month period, sales of Vince segment jumped 76.3 per cent to $50.7 million, however Rebecca Taylor sales dropped 33.6 per cent to $6.8 million.
“Looking ahead, we will leverage the momentum in the brand as we continue to advance our global growth strategies. At Rebecca Taylor, we are highly encouraged by the positive response to the relaunch themed Romanticism Redefined. I remain excited about the longer-term potential for this brand as the strategies we are using, which are similar to those that led to the successful turnaround of the Vince brand, are beginning to show encouraging signs. Overall, our focus will remain on driving our initiatives forward while maintaining discipline in how we operate the business for long term profitable growth,” Schwefel concluded.

Fibre2Fashion News Desk (JL)

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