VNCE - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by and welcome to Vince Q3 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Amy Levy, Vice President of Investor Relations. you. Thank ahead. go Please

Amy Levy

Dave good fiscal Welcome Hosting XXXX Brendan Officer; today and Officer. Corp’s the Vince third are, and Executive Chief quarter earnings Hoffman, Chief afternoon you Financial to everyone. Holding call Stefko, Thank conference call.

remind let from expect. statements, on cause forward-looking that certain are actual that those could subject company to results Before this me statements may differ call that we the you begin, uncertainties to constitute which made risks and

today’s in the press and Those the on should update risks operative described and later and which during on are company’s call. at the available not made time, to filings, any remain the company’s release information SEC call statements uncertainties in Investors will company discussed the a obligation assume undertakes are that website. no

available addition, Discussions these company the prepared questions today’s conformity related results management measures time website most and to press GAAP is at and financial release The of reconciliations the its today an in presents their and discussion, are that with which them presenting of adjusted After results section are adjusted in non-GAAP for available investors.vince.com. measures. basis. as measures in the today’s long GAAP are the be company’s your included will Investors comparable to on permits. information on schedules, the take in In company of remarks, non-GAAP as

Brendan. to Now, over I’ll the turn call

Brendan Hoffman

Amy. Thanks,

brands the how employing a success management excited to group. that to similar We grow together transaction, at Rebecca look these the bringing by with Rebecca to and are Taylor we Let Parker of by fashion this distinct team accomplished Taylor completed drive highly global sharing strategies continue me With acquisition Vince. brands we’ve recognized create forward three to contemporary have Parker. begin we to recently and the are working

at Vince. performance, delivered strong and We results third another which to prior to top briefly bottom quarter of quarter line Turning closed the acquisition.

sales XXX in higher net $X.XX gross XX.X%. million share last income per for same margin expanded to income, Our X.X% the costs compared diluted per despite $X.X year. net or grew to tariff XX% to and $X.XX points or net basis $X.X of diluted period increased the share, quarter Adjusted million

In increased a strength that net marketing We year. increase strong and the new XX% customer our across our strong in revenue continued last direct-to-consumer performance comp our quarter we’ve end business, We comps strategies segment, to increase by to in openings the attribute XX% with by executing and an led all segmentation been to store response as third four channels of well since e-commerce as driven our drive largely transactions. product, traffic. saw

test we to strong As we key product this on categories, our as build expect classifications new as expand continue. well marketing offerings within initiatives, to momentum continue and

we fourth with in the strength overall pleased e-commerce. our quarter-to-date, led For performance continued the in by are direct-to-consumer business

wholesale Our in the quarter. X.X% third channel revenue decreased

off-price into This was of seasonal returns. a to shipments deliveries acceleration lower quarter seasonal wholesale timing result of and channel, the the decrease the second of

the register, at in space us key secure floor doors. see We to which partner more sales continue our has growth robust wholesale to turn our in enabled in

Sales addition we as quarter-to-date momentum continues. to are and marketing brand. space We our fourth traction to we on of essence potential gives impactful to tell us opportunity deliver further it see the With are we showcase the the in continue as for merchandising, to have us gaining of excited the visual of events. build collaborations Vince exceptional larger the creative more products

traffic strategically the we while continue U.S. store to the focused through in share Looking define advancing business, refining ahead, we conversion include international remain and and our our base journey, markets, categories, our in test strategic our website. enter direct-to-consumer and on initiatives, growth on to customer which our driving expand drive as our product within new and stores efforts wholesale channel, market our increased marketing

strategy store the with markets. continued Our as retail to openings expansion progress in U.S. well as international

is in of Avenue our located an serves brand a in is opportunity Fifth which This another September, strategy, location example of we heavily new Midtown. Our area to as further opportunistic trafficked and this store, opened leasing awareness. believe expand

have At our in We locations, Florida. to identified of Millennia, expanding leases we U.S. can negotiate where November, year the strong Mall opportunistic located retail returns. continue that further presence enable the end base we to economic to expand in of in opened plan next Orlando, our and us achieve premier

we upon store expiration In leases as continue brand renegotiate we strength. periods, or our kick-out to leverage addition, existing

We optimal are more also locations. exploring relocations or nearby to larger footprints

terms expansion, in our opening September global to and market, brand Kensington, in presence saw additional as of expand London strong awareness efforts our store in South we strategic we continue this In store drive a openings. through

that to We California evidence essence is are Europe. in see particularly our excited translating vision well and

entrance pleased selected we our the I’m market help into peers. mentioned to alongside in announce and launch highly also partner market we exploring been progressing this an towards that solidifying to We China contemporary experienced that us recently are we a have agreement.

premier The launch already is underway, is our and in intention fall of to locations search XXXX. for

be our As from Melrose China. experience and vibe Europe store our consistent globally, we that across retail embodies expand, the to base in-store will California locations

another our that channel narrative e-commerce our with exceptionally I share This quarter. well connect and which us visual the guests. enables represents through As we in to creative earlier, way performed mentioned in our content,

strategies Our product also well. are expansion progressing

support sourcing out sizes to of building our enhance expansion distribution capabilities to handbags are and of teams. sourcing and extended in production We design our

XXXX, sizes the to in fall launch our on into e-commerce wholesale our initially XX of XX distribution XXXX, We followed by the wholesale we channel. expect to initiate channel in from distribution to plan handbag

strategies. to our marketing Turning

customers around both customer initiatives focused on with existing are We centered These brand. increased customers and driving engagement are connectivity. all to the

store ads In to we similar in each our media impressions media with with site. a share addition demographic work season drive partners social utilizing to campaign, click

brand ShopBAZAAR, we York to and with worked season, awareness. fall help GQ the and Times the New For build advertise

and exciting the lot of we beyond, a have quarter advertising Looking ahead fourth to campaigns digital come. to

as partnerships to and we continue customer-facing branded engage events. create well through with local Furthermore, buzz communities and as influencer

with a New experience Our Nordstrom Pair e-mail site florist Perfect custom their influencer shoe create to allowed us muse of included an exclusive This campaign. as store to drive recent City displays, part placements for and partnership partnership York awareness.

also activities holiday continue measure influencers posting the agency We campaign Instagram. and All to and with #VinceWomen our in influencer fall using Europe. work will to be on product

continue will Over develop few and as we as partnerships brand collaborations next leverage macro the quarters, well brand and influences. micro to

the in Turning Unfold launch Vince to business. our We November. of anniversaried subscription

continue expand significant sign-ups. initiatives. the our advance continue and as We remain launched we our steady with of opportunity see XXXX investments growth model Vince expanding new as of number in growth particularly we our subscription strategies, growing services, extended Based to men’s the to category. a we’ve on in we the In for global a strong our As momentum, we we brands acceleration fiscal online see and in our started CRM this the growth the summary, as our brand China our presence. to expansion are increasing of strategic to brand, in pleased discuss this growth service include has reach believe we subscription the base

playbook there Now meaningful We we’ve I’d improved Taylor and brand. that as to to been like Vince believe delivering grow discussing Parker. performance opportunity significantly to spend led is moment Rebecca the the for we brands these the a strategic apply

forward that our Rebecca excited Rebecca which customers initiatives this ReCollect the clothing is of purchase. program to enables fall. their the towards or acquisition Taylor’s online footprint. to about drive the a next One are of program, Taylor resale we leveraging decrease for launched new This stores This of and credit from in emerging repurpose the circular the economy trend is clothing designed carbon part

team, explore and program across partners all landlords. part we develop on and the these are brands department work among next to Longer to and the term, the Overall, specialty heighten for of over our recently years. with focus are sustainability. as these to met excited effort pleased brands we together brands enthusiasm to very our few this will I store we see expanding

and we our work to integrate strategies step the next in these develop reengage strategic collaboration with is consultants our brands with brand teams. Our to as

same. the for a our Dave, Note and We earlier. you tariffs the post outlook. our I by higher XXXX this will Dave September third Before our his of updated provide the impact as fiscal outlook that underlying updated the performance. the Vince call which X, just of as with guidance our impact end the I investments on these of review want discuss in detail to following January, will update over remains turning expect incorporate to well incremental of factors mentioned for quick acquisition the business now financial to quarter excluding provide the outlook more strategic

that time, revenue Vince’s double forward of contemporary profitable portfolio growth now In potential long-term initiatives brand to have We we a and to $XXX the implementing million. these across Over $XXX from drive fiscal with summary, to brands diversified of confident strong company total our potential. look recognition we guidance million have to brands XXXX high strategic I’m last our growth.

Dave. turn that, I’ll With to it over

Dave Stefko

We to traction in momentum Thank pleased continue Vince you, were further initiatives. our Brendan. the across as see gained we

acquisition will discuss expanding remarks. be in our the with later offering excited which also of Taylor We’re and recent brand to I Parker, my Rebecca

first our quarter. certain closed results, exclude will fourth costs, of I which the acquisition third quarter impact Now our which, transaction-related of the outside the review of on day

$XX.X million year $XX.X quarter compared Third prior increased same net to million to period. consolidated X.X% the sales in

average the comparable due and increase direct-to-consumer in e-commerce, Our to $XX.X segment million dollar in increased quarter, increased sales, while to third sale. an including sales XX.X% X.X%, transactions in

million, the wholesale the lower of shipments sales timing to quarter seasonal $XX.X seasonal to also and acceleration to of off-price decreased the into deliveries Our wholesale primarily the channel due returns. X.X% second channel,

million in increase the year. gross in primarily million margin to XXX third basis third allowances and development initiatives or the quarter in net or reserves. and inventory List offset $XX.X the net point of channel to by cost compares List sourcing profit of cycle, XX.X% increase product to X $XX.X was X sales rate Gross the and This partially XX.X% sales in quarter was adjustments sales. This was tariffs. mix, product higher year-over-year efficiencies and due last

for primarily growth and last in net new million expenses cost XX.X% $XX.X year. related million our in as related in benefits, Vince compared stores The and of was the net sales and quarter Taylor quarter stores, growth sales administrative or in compensation Unfold Selling, general costs $XX.X third to related the dollars of and increased of Rebecca higher the to were occupancy result $X.X approximately the XX.X% SG&A acquisition e-commerce Parker, and partially of investments or of million platforms. to of to

same XX.X% to for net compared Operating Operating the income was margin million sales quarter compared $X of fiscal last period year. the third $X.X XXXX. to million in was of XX.X%

and third Taylor $X.XX the Rebecca $X.X million operations share was adjusted to $X.X aforementioned Net Parker, associated with share, the the of $X income Excluding per costs diluted quarter per third million. in $X.XX or or the million for $X.X year. income of last quarter from acquisition compared was million

Excluding acquisition the share. and $X.X This compares Parker, the the net million in last costs diluted million or of Rebecca $X.XX was per same per to share year. diluted $X.XX $X.X associated income Taylor or with adjusted period

quarter borrowings facilities, $XX.X of ended third to sheet, loan approximately agreements. million we facilities. a third million of repayments credit with revolving credit primarily million our of under in a was available At was debt borrowings net under our net represents the term and $X.X debt This under a the the $XX balance the decrease quarter of agreements borrowings result under the end million decrease to our overall facilities. our in our revolving Moving $XX.X the and $XX.X million

$X.X new the stores attributable the quarter, prior year operated the Capital primarily to U.S. expenditures XX million, net of stores. At for period. end reflecting of four were a stores the in we increase the over quarter

with Turning Vince to to respect tariffs, business. the

mitigation we’ve partially that increases were costs As third efforts of XXXX on tariffs of effective On million A or our in of quarter tariff after XXXX. May our the year. offset guidance XX, effective previously, September of conference we $X.X Section that impact excluded will call, million and have we discussed this second $X reflected XXX communicated portion X, quarter included results. the these underway tariffs

million for now we $X.X expect approximate XXXX. the increases However, imposed September tariff post fiscal X to

resending estimate and tariff reduced in shipments mostly a by the costs, government. tariffs lower related certain earlier avoid This to reflects hike the to of brought

initiatives respect executed we will With through last mitigation to to our advance number in to efforts acquired stated have similar of fiscal this. quarter, we our cost the continue commitment mitigation XXXX, As compromising efforts to businesses, a without they quality.

additional be necessary. We will efforts further that evaluate may any

day facility, first debt businesses Parker facility of and Taylor Rebecca of credit Xrd, our cash of consideration reflecting November of million fund covenants further businesses. outstanding the the funded on of by The the to million cash related purchase $XX.X increased acquisition existing million simultaneously our that amendment pay-off thereby providing of utilizing the $XXX with acquisition, million expense. any obligations availability assumed to the to $XX under which facilities. not with to closed We $XX.X was fourth initiatives to Speaking revolving agreement did credit the and credit credit changes for $X.X the total both our compensation quarter, additional million, acquired require was

of of independent and special were and the Board company’s independent directors of was our As Parker affiliate approved Rebecca majority acquisition shareholder, committee from reviewed, consisting Taylor represented Vince, advisers. of the of solely negotiated by a acquired an by Directors

principles the transaction controlled U.S. periods been as presented in combination a is inception if retrospective generally of the all accounting requires effect the for control. entities accepted between common commonly combination Since the since had entities, the of acquisition

reflect January, including have to balance the the end investments these changes which to the time, the be of businesses the and at As impact such, businesses guidance assumptions sheet acquisition, of any strategic we XXXX Brendan fair our to inception the provide acquisition. we’ll liabilities that data increases related incremental updated fiscal well for as reflecting earlier. by to expected impact discussed process dilution of encompassing time planned tariff the and of as the the likely The from acquisition their will historical assets at complete acquired is value for combine of instead market

As stated we very we I with and dilutive to pleased press to business. to unchanged, in fiscal performance expect acquisition the be XXXX for the our that want announcing release transaction, business this the remains are of earnings. the reiterate outlook this Vince

you to confidence is strategic In expansion the end as momentum into of CRM brand on we the to our with when strong investments, gave forward Vince increase guidance including look We these providing well all behind as to our our us to XXXX the fact, related it investments. decision fiscal China factors our accelerate that of by additional detail provide January. those update our

financial the pleased in quarter-to-date. quarter the we performance Overall, are with third fourth and our

have comments to shareholders. quarter. established believe we foundation deliver ahead, Looking forward our that strong long-term for third growth our the This a we concludes look growth executing us position to strategies my regarding strong, and sustainable

questions. We Operator? will now take your

Operator

Telsey Group. first Your Instructions] with Advisory [Operator question comes Dana Telsey from

line open. is Your

Dana Telsey

with and business, bit the nice progress. Good couple a you A you afternoon, Less was? the that this yours what’s get much to then on what please Brendan, questions, of quarter and congratulations, do you everyone for strategic little as will the only Is there how Thank in you you those and decision – in How at took also of you congratulations the the Parker, on Or look not can your Rebecca and benefit? see what terms China, will Taylor over margin? stores? increased Is their benefit of an off-price? when how do higher distribution opportunity to change and the margin increase unpack from gross but timing? by? as And then CRM it leading Vince brand? wholesale did department sales lastly do compared you. the traditional just And to and investments, allow

Brendan Hoffman

that, how all they’ll the flow jump question mean, just off-pricers so hold. to for first merchandise, pack they shipments in. And years of the in early in tighter was I to goods. the starting – past, want terms mean the back with But your on in becoming and try off-price. QX. correct lot me change the thanks, remember I challenge a Dana. wholesale take would let That’s in take more – there is – They’re definitely to way whereas, in a

delay so off-price itself bit for we’re selling caused a cadence mean that little at working channel. just the very And product the through. it’s of I us through is a well

that performance we bit little register the a Otherwise, to it’s amazing. through. department stores plow is at timing So, of at continue our

of we and space, floor escalator, go back really a on big floor gotten. Nordstrom’s usually by how the quite top space into I’m you’ll you If right has best have our now, see the taken

has the continue see combination Neiman’s performance, that and terrific will and the we of the our in increased to Nordstrom’s So, product dramatically both at and improved receipt visibility upside flow.

it healthy quarter-to-quarter, switch beat it and obviously, bit the the – get Although all QX, could little some rushing timing. – flow of could from Seattle around swap extremely know – weeks a based I forth tariffs Marcus. ago business Neiman we on were to in and back But there. pleased in and us, the been on. they’re And few with just with lots both having a so is of extremely

was the… question to second regards Your

Dana Telsey

investments. Strategic

Brendan Hoffman

Yes, strategic investments.

think, we with showing throughout So beyond. next of And as China with categories to that things market Plus like now marketing in technology our year, around as the and that’d in the investments invest journey an the brand that that right past, – launching and wholesale is we’ve enable customer need experimented growing that sizes, heat the advantage the momentum to now feel now. opportunity are in customer we handbags. enormous be other take Vince larger and like to discussed we’ve that there’s to like to XXXX and things going tremendous we’re as well brand’s we whether making bring launching

where pleased tell will So make And the Taylor taking asked how – work a Conference. the around and we’re Rebecca how really speak accounts wholesale the wholesale of in of and and the in we’re excitement us Parker. the the about you, and over next brands brands. I’ve about ICR do I to the with leg update integration starting those of we’ll you been accounts. the do formal thinking on more at to QX those some are But the we addition that investments, time highlights

there have equity specifically, help the see remarks, And brand expand in also landlords, be been to based to tremendous and already can Parker the brick-and-mortar, we Taylor reaching where some as out, to e-commerce my for we know do visits Taylor, customers, the wholesale the seems I’ve site enthusiasm the business. both the Rebecca of also Rebecca brand which started customers, on in will to talking mentioned and I

on majors. side, distribution immediate mean there’s I As with very far make no changes. any the businesses as plans they have wholesale successful to the

term, short a do enhance things the the And we’ve more of so some for will top grow make help together we of to some just things supply-chain certainly want And the and in efficient we hopefully, will their can that. learned, model hopefully, also line.

Vince. I But opportunistic the we what and only immediately using open stores answer of to up a we’ve sort main there, so here out in think few leases like done understanding discipline tremendous done the stores, there’s for that focus is Taylor Rebecca everything? Did we’ve financial the of I runway are terms has same feel

Dana Telsey

it. tariffs, Got the and XXXX? those you’re Brendan, increases, on – about I how tariffs. price have how And gone you on whole wanted then it, got got other follow-up Any thinking you thoughts thing. to

Brendan Hoffman

the I doesn’t Yes. it? mean, it moment, changes Well, by

Dana Telsey

certainly does. It

Brendan Hoffman

impacted, just the intrinsic value this the spring, to part in resistance. line So and we’ll applicable. goes we’ve in seen see price no and it brand what I were mean come momentum the we they of the was customers the as in XX% of said, have who recent have – first tariffs news Anecdotally, to brand. are. buy But the the the for we’ve the I was anecdotally, which priced think XX where

there So, product. – a where surgically wonderful the some product room the the where job team has raising prices, in was done

those month prices We there the we spring either shown market, did that or And delivered get of which next the for were beginning items beyond. pre-fall, have shown collections and have no that at in so in replenishment obviously, raise our happened and already we was pushback November.

average good. it’s retail so We plus on seen really value. far, in so any in, the dip been sales and so value haven’t And higher based unit just

that very speaks it I seamlessly. we’re so and think to brand strength able did we that surgically that of again, the to So do the

that today, just talking allow have some news to raised. us extent also the about. allows the been to, be frankly, To about one, be seen we’ve us and that these now as quite has obviously But we hopefully, higher that we’re fund initiatives it talked will some welcome prices us of get that relief, for can margins,

this that certainly we’re So news crossed the signed that announced is into afternoon our keeping fingers speculated law. was or

Dana Telsey

holiday you. great season. Have a Thank

Brendan Hoffman

Thank you, Dana.

too. You

Operator

Oliver comes with Company. question next Your from and Chen Cowen

is open. line Your

Oliver Chen

how Thank thoughts very comp your Good been there. the you are the much. on Would was what and you’ve and seeing physical impressive X.X%. between at your traffic? disaggregated What in e-com stores transactions love evening. The your comp thoughts

Brendan Hoffman

our going all – I when mean, increases across were we we’ve the of Yes. channels, e-commerce and be we certainly, all e-commerce given would – – three would really led – pleased the on. retail, considered full-price on Oliver, had everything been way, three with their individually say, And them healthy else growth but outlets.

it we’ve changes speaks, last product. think the seeing of amplify and platform the one, all the obviously, off. really the gone pay I So we’ve the to also, product that product just evolution in years couple over of and terms the through that that built But of to

space stores I’m it’s pretty our by to performance was in share So happening at competitors, department that’s as the and the direct-to-consumer assuming well. that our from the us market taking – evident

Oliver Chen

relate about Okay. term, And of growing channel we we to sales gross allowance gaining do the longer that. on model? looks what And on may on should in lot happened thoughts also, thoughts well that it nice wholesale how how the And item of think that with as terms your what gross... And line a that are – like your see the also there, you’re as you would about love that share margin?

Brendan Hoffman

and if our a been mean now new on to Manhattan, here has, and And for Dana country, we it did speaks but and business us, what potential. space I walked believe of how couple a just I had have, do bullish really foundation, ago and know created just we in the again, years to and we’re volumes never has that they in across gotten the Nordstroms brand not think wholesale they’ve I mean, know I how Well, Yes. devoted stronger. our I you the haven’t, they’ve behind brand. you and although the see

so had road talking exciting plus and men’s their map the handbags aggressive very management last share within business, and behind. for really a But Seattle, the in women’s. other we really apparel also about categories, senior which as both size then And I apparel, and month with growth meeting side, mentioned, they’ve gotten then

we’re our speak So – doesn’t and that business. in then wholesale to seeing globally the even growth

So we feel like that. we wholesale in as there’s we’re grow – QX we’ve cleared DTC the as how works... the decks can, dilution now terms we general fast as about excited specifically? can you fast of Or where that QX and – we we can as grow talking and Are in can, to

Oliver Chen

impact merchandise also for and margins continues margin to outlook as generally, and be you more – discounts sales as the Gross the at allowances, environment and large? allowances and promotional

Brendan Hoffman

there. clean, Neiman’s generally is is some Yes. well. We out with we margined are that Nordstrom’s because Nordstrom’s, so others. we business a numbers and We, there’s record we I once do in the like Well, that backs speaking, did aggressively a we’re or product both not very I my call good forth back as sale like there now position can. mean, last because think fund in as doing and anniversary wanted was had I said there for just to for And naturally take running again, where

Nieman’s business. for we we’ve clean, that But is what overall, news, to us. know were of there margined that done have both all this there swaps done some and out naturally good a run so happened Nordstrom’s And win-wins and

make into place unmanageable, quite was so are years to And where ago. become three we was we frankly, or Vince that going do the and able ourselves where dilutions get that, we do a sure two which, to not are

Oliver Chen

also, you’re And this then of both what Rebecca those time on creative bit Taylor you versus And of manage to these and and deals. cannibalization a the was why you’ll excited the about ahead? see speak little for that some about the terms deals synergies you right Parker, in the us congrats incrementality portfolio? how of Could and

Brendan Hoffman

like And little expand on think Taylor few us we’re on excited a about have multiple attractive knew but and repetitive briefly. map how specifically business model DTC month and here, We because roll there I’ll Well, it that were as Rebecca Yes. here, stores was out in the a be potential brand mean, we’ve financially touch just Taylor I excited stores developed to around so to Parker. next halo ICR, I on and the going discipline, a might road will at Rebecca to a that we felt equity that what seeing I e-commerce made we do effect.

received we do And at the the Vince, community things, and the rental both continuing been within like a also done her at some mentioned which done and as I label, team also but we well. very mentioned around sub-brands wholesale launching same time, job sharing to the the recollect model They’ve – grow in great model. business, have my economy, remarks, have the Janice different

of But for right So we’re just we’ve think very a at it what here, the was I chew new can exciting can really and ready are from for to learn prove there think because a initiative and categories Vince China is there’s gum – lot same surface. we and the we And time the accomplished and walk I acquisitions. scratching us, we the and time.

and muscle Taylor and into have this it to integrating mentioned, works a the all like efficiently as as can mentioned, to And Rebecca kind what a the best so good we Vince of of the help us and strategic for family. consultant sure for parties brands. Corp. learn first we adviser, brands we so it do, Holding I here do a Parker, us both – make do that transaction was felt Dave And related

Oliver Chen

where David, is And as been as retail pioneer last do to incrementality Would frequency so far Brendan, market that the and you’ve with you subscription And of evolving. terms well question. learning respect love how Okay. in customer models with our is What engagement customer see any and a you and loyalty? rethinking behaving are the thoughts. and piece the how

Brendan Hoffman

in we’re customer the a see what have team – November, Yes, a might to year the to basics the starting addition think Where it’s what tests I some Vince. want lived customer. she’s it to really crossover, new that – is are we a Hunsicker last results. attracting CaaStle to now mean customer. she Vince a what Unfold. promised, with reaction she’s up on for us. buy done at by fashion, it’s Vince anniversaried just we’re to Vince have pleased not crossover, and using her – and Unfold the getting with they but buying We We with her thrilled year the like really we’re to high Christine some that we migrate CaaStle seems site there’s customer in for and

just brand think we the of onto launch as the think we’re site, in total, mentioned will I crossover the how lot could there. if my men’s in exploring surface here. which remarks, we’re And I scratching I a be Vince – better reflect we there and

feel centers. our We’ve point at with more centers, think our site to cross-exposing started just market clearance outlet I unfold customers. now where we’re comfortable experiment to the in we So our the

for growth of and we’ve customer So our some could us and will in the be that asked more long to given customer, terms term allow that unlock it will that most questions the mean of of base. answer subscribers the existing better what I visibility think the you

Oliver Chen

regards. you. holidays. Happy Thank That’s

Brendan Hoffman

Thanks, Oliver.

Operator

turn it now to I’ll Hoffman closing back over for remarks. period, Q&A the conclude Brendan does any This

Brendan Hoffman

for Well, you us today. joining thank

to the and with strong Vince momentum with future. brand details you growth as Parker. the sharing at We’re Taylor in opportunities extremely pleased the we look as well We forward in Rebecca see more the

January. be in ICR We Conference the at presenting will

we forward look you very of to holidays. those Thank much, seeing you and there. happy attending, you For

Operator

you for concludes Ladies today’s call. this your Thank you now gentlemen, conference disconnect. and participation, and may

Vince Holding (VNCE) 12 Dec 192019 Q3 Earnings call transcript