That is the valuation the stock market gave the contemporary brand Friday as it became the first U.S. apparel firm to go public since Michael Kors Holdings Ltd. in December 2011. Vince’s initial public offering raised $200 million.
The brand late Thursday night priced 10 million shares at $20 each, higher than the original expected range of $17 to $19 a share. On Friday morning the shares surged 47 percent to $29.50 at the open of trading. The shares climbed as high as $30.48 before settling back to the $28 trading range for the day. Vince shares closed at $28.66.
Private equity firm Sun Capital Partners picked up its ownership of Vince when it acquired Kellwood Co. in 2008, which already had the brand under its umbrella. Following the IPO, Sun still retains a 68.1 percent stake, or 24.7 million shares, in Vince.
Although the opening bell at the New York Stock Exchange trading floor was at 9:30 a.m., it took nearly an hour before Vince shares actually traded on the Big Board as brokers were trying to find the proper opening point. During that waiting period, the expected range kept rising, first to $24 to $26, and then to between $28 and $30. When the range finally narrowed to between $29 and $30, excitement began to rise among the Vince management team as NYSE officials said the shares were getting close to their debut. That drew a thumbs-up from Vince chief executive officer Jill Granoff.
Granoff said afterward that the shares priced at $20 because of significant interest in the stock from investors during the just-completed, two-week road show. As for her thoughts during that nearly one-hour wait, Granoff said, “Lisa kept saying, ‘It’s going to go up.’ I’ve run a public company, but I’ve never taken one public. It was exciting to see the price going up.”
The public listing marked the end of a yearlong process for Vince. There was one hiccup when the federal government shut down on Oct. 1. “I didn’t know if the Securities and Exchange Commission would be able to approve our S-1 filings. That was a nail biter,” Granoff said.
Now the task is to build out Vince’s business. According to Granoff, the vision to optimize growth for Vince across each channel of distribution includes “evolving the brand from a U.S. wholesale business to a global, dual-gender lifestyle brand.”
The apparel mix is still dominated by women’s at 85 percent and men’s at just 15 percent. Categories outside of apparel include footwear. Gregersen noted that accessories, such as handbags and small leather goods, are set to launch in 2015. And there’s the store expansion ahead, with a goal of 100 freestanding stores in the U.S., up from the current store count of 27, according to Klinger. The company is planning seven to eight store openings a year over the next 10 years.
Klinger said the company will file its first quarterly filing as a public firm with the SEC in mid-December, but won’t hold a conference call until March, when it reports fourth-quarter and year-end results.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)