Brand management company Authentic Brands Group (Authentic) has entered into an agreement with Vince Holding to purchase the intellectual property of Vince brand.
As part of the agreement, Vince Holding will transfer its intellectual property to a newly formed Authentic subsidiary ABG Vince.
Authentic will own a 75% stake in the subsidiary while the remaining 25% will be retained by Vince Holding.
Following the acquisition, Authentic plans to expand the brand in key luxury markets and categories.
The press statement said there will be no changes in the brand’s store portfolio.
Authentic founder chairman and CEO, Jamie Salter said: “The addition of Vince strategically expands Authentic’s portfolio of globally renowned Luxe brands.
We see significant opportunities to expand Vince’s offerings to meet the growing demand for premium and luxury goods around the world.”
With more than 60 retail stores, Vince offers women’s and men’s ready-to-wear footwear and accessories.
In addition, the company operates wholesale accounts, a re-platformed e-commerce site and a rental subscription service called Vince Unfold.
The two parties will also sign a long-term licensing agreement, which enables Vince Holding to continue operating its existing business as usual.
The deal is subject to customary closing conditions and is expected to complete in the next 30 days.
Vince Holding CEO Jack Schwefel said: “I’m very proud of the work we have done to build Vince over the last 20 years and thrilled to focus on our strategic growth initiatives, including strengthening our operations and expanding our men’s offerings and international presence.
“We are confident that with Authentic’s proven know-how in brand building combined with our design and distribution expertise, Vince is poised for long-term growth.”
Earlier this month, Authentic selected the enterprise customer data platform Amperity as its data management strategy partner.