P180 Acquires 65% Stake in Vince, Brendan Hoffman Returns as CEO

P180, a newly established venture aimed at enhancing growth in the luxury apparel sector, has acquired a 65% majority stake in Vince Holding Corp. from Sun Capital Partners for an undisclosed amount. This acquisition is seen as a strategic move to improve Vince's market position and profitability, with Brendan Hoffman set to return as CEO on February 3, 2025. Hoffman emphasized the alignment of Vince's brand with P180's objectives, particularly in leveraging technology and innovative inventory monetization strategies like rental options to enhance profitability. The deal also includes leadership changes, with David Stefko stepping down as interim CEO but remaining on the board, and Matthew Garff resigning from the board. This transition marks a pivotal moment for Vince, which reported net sales of $74.18 million for Q2 of fiscal 2024, up 6.8% from the previous year. The acquisition aligns with P180's investment strategy, following their previous engagements with other luxury brands.