Dive Brief:
- P180, a retail innovation firm focused on luxury apparel, bought a majority stake of Vince Holding Corp. from affiliates of Sun Capital Partners, according to a press release Wednesday.
- Under the deal, P180 co-founder Brendan Hoffman, formerly CEO of both Vince and Wolverine World Wide, will return to the CEO position effective Feb. 3. Hoffman led Vince from 2015 to 2020.
- David Stefko, who has served as CEO in an interim capacity since March 2024, when Jack Schwefel resigned, will return to his position on the board of directors. Matthew Garff resigned from the board in connection with the P180 acquisition.
Dive Insight:
New ownership marks another shakeup for Vince, which has undergone a series of changes over the past several years.
In 2023, Vince sold the intellectual property for its namesake brand to Authentic Brands Group, a deal which offered Vince Holding Corp. increased financial flexibility and $76.5 million in cash. Later that year, Vince initiated a transformation program to boost its profitability and save $30 million over the following three years. The plan included streamlining manufacturing and production processes, among other targets.
The company has also seen several C-suite changes. In addition to Schwefel stepping down, John Szczepanski, formerly of Ralph Lauren, became Vince’s CFO earlier this month.
The Vince acquisition marks another major retail investment for P180 since its launch in 2024. In October, P180 bought into Altuzarra, and in May, the firm invested in Elysewalker.
In Wednesday’s release, Hoffman said Vince fits into P180’s acquisition strategy. He added that Vince has the potential to benefit by using a monetization platform developed by CaaStle, which was founded by P180 co-founder Christine Hunsicker. Hoffman said the tech could improve profitability and Vince’s omnichannel experience.
Through the deal, P180 owns about 65% of outstanding shares of VNCE common stock, while affiliates of Sun Capital continue to own about 2% of the company’s stock, per the release.
Michael Mardy, chairman of Vince, said in the release that the new ownership marks a transformative opportunity for the company.
“With this transaction, we will gain the operational expertise and cutting-edge digital capabilities needed to drive the brand's future success,” Mardy said.
