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US luxury apparel firm Vince Holdings posts triple digit sales jump
14 Sep 21 2 min read
Second quarter (Q2) sales at Vince Holding Corp, a US-based leading global contemporary group, shot up 112.5 per cent to $78.7 million compared to the sales of $37.0 million in the corresponding quarter of previous fiscal. The company’s net loss reduced from $15.1 million in Q2 of 2020 to $0.6 million in the reported quarter ended on July 31, 2021.
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“We are pleased with our performance in the quarter, particularly with the Vince brand approaching pre-pandemic levels driven by strength in our direct-to-consumer business. The brand continues to resonate with both women and men with sophisticated, high-quality assortments,” Jack Schwefel, chief executive officer at Vince Holding, said in a press release.
Sales from Vince segment increased 108.5 per cent to $67.2 million over 2020, while Rebecca Taylor and Parker sales accelerated 139.4 per cent to $11.5 million.
The company’s gross profit for Q2 of FY21 rose to $35.4 million ($13.3 million), while selling, general and administrative expenses were $32.7 million ($27.3 million). Moreover, income from operations totalled to $2.6 million (loss: $14.0 million).
“Going forward, we will continue to focus on accelerating direct-to-consumer as well as our growth strategies of building out our e-commerce capabilities, strengthening brand awareness through marketing, and accelerating growth in mens. At Rebecca Taylor, we remain encouraged by the long-term potential we see for this brand as we continue to leverage the same strategies that made the Vince brand turnaround so successful,” Schwefel concluded.
Fibre2Fashion News Desk (JL)
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