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More Details Emerge on Vince IPO

The brand’s corporate parent, Apparel Holding Corp., said it plans to sell 10 million shares at $17 to $19 each in its initial public offering.

Vince is almost ready for its Wall Street debut.

This story first appeared in the November 13, 2013 issue of WWD.  Subscribe Today.

The brand’s corporate parent, Apparel Holding Corp., said it plans to sell 10 million shares at $17 to $19 each in its initial public offering, according to a regulatory filing. That stake represents 28 percent of the company.

An offering at $18 a share would fetch $159 million after expenses and value the whole company at $652.7 million. The firm might also sell an additional 1.5 million shares to the deal’s underwriters, which are led by Goldman, Sachs & Co.

The company will use about $5 million of the proceeds for general corporate purposes, while the balance goes toward debt. Following the IPO, which is expected to come in a few weeks, the company will be renamed Vince Holding Corp.

Sun Capital Partners, which picked up Vince when it bought Kellwood Co. in 2008, will retain a majority stake in Vince and also keep ownership of the non-Vince apparel businesses that are under the Kellwood umbrella, including Rebecca Taylor, David Meister, My Michelle, XOXO and Sag Harbor.

For the six months ended Aug. 3, Vince posted net income of $2.4 million on net sales of $114.7 million. Apparel Holding, including the non-Vince businesses under Kellwood, posted a net loss of $25.6 million on net sales of $363.9 million.


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