Vince Holding Corp to close Rebecca Taylor business as Q2 losses widen

US fashion group Vince Holding Corp has announced plans to exit its Rebecca Taylor business “to focus its resources on the Vince brand”.

The company said it is in talks with its lenders to finalize the wind down plan, “which is expected to include selling off its assets and exiting its various business channels”.

It comes as the group's second-quarter net loss widened to 15 million dollars from 0.6 million dollars a year earlier.

Group sales increased 13.4 percent to 89.2 million dollars, with Vince sales up 20.5 percent, but Rebecca Taylor and Parker sales combined falling 27.9 percent.

More focus on Vince brand

“Given the increased headwinds from the range of macroeconomic and pandemic related issues in the industry that Rebecca Taylor in particular has faced over the past two years, we have made the difficult decision to exit our Rebecca Taylor business,” group CEO Jack Schwefel said in a statement.

He said the closure will allow Vince Holding Corp “to focus on Vince’s core businesses and our overall financial foundation for the long-term”.

He said the company saw momentum in Vince across both womenswear and menswear as shoppers returned to “more normalized activities and events” following the end of Covid restrictions.

He added: “While we are operating in a challenging macro environment with increased pressure on profitability, we remain focused on executing against our strategic initiatives for Vince, including the upcoming relaunch of the brand’s e-commerce platform.”