Brand management company Authentic Brands Group (Authentic) has concluded the purchase of the intellectual property of the Vince brand for $76.5m in cash.

The companies announced the deal last month.

Under the terms of the agreement, Vince will transfer its intellectual property to ABG Vince, a newly formed subsidiary of Authentic.

Authentic now owns a 75% interest in ABG Vince while Vince retains the remaining 25% stake.

Commenting on the deal, Authentic chairman and CEO Jamie Salter said: “The addition of Vince reinforces our position in the luxury sportswear market. Authentic’s proprietary platform and global network of best-in-class partners together with the visionary expertise of the Vince Holding team positions the brand for continued global expansion and success.”

In addition, the two companies entered an exclusive, long-term licence agreement through which Vince will continue to leverage the contributed intellectual property on its existing business.

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Authentic will also manage more than 60 retail stores of Vince and its current wholesale accounts and e-commerce operations.

The licensing agreement will initially run for ten years and has eight ten-year renewal options.

VNCE CEO Jack Schwefel said: “We are pleased to have successfully closed this transaction with Authentic, marking a transformative milestone for Vince.

“We are now better positioned to enhance our focus on driving margin expansion and executing against our strategic growth initiatives.”

Authentic is a brand development, marketing and entertainment platform. Credit: Authentic Brands Group.