Financial pressures have Vince Holding Corp. looking elsewhere — to sister brand Rebecca Taylor — to help it with some purchase-order financing in case liquidity problems arise.In a regulatory filing with the Securities and Exchange Commission, or Form 8-K, Vince said a subsidiary has an agreement with Rebecca Taylor for it to purchase some Vince-branded finished goods from approved suppliers. Rebecca Taylor would then resell the goods to Vince at a price that is equal to 103.5 percent of the price it paid, or at a 3.5 percent premium.The purchases would require Rebecca Taylor to apply for letters of credit under its own credit facility, subject to availability under the financing line. Once the merchandise is delivered, Rebecca Taylor would invoice Vince, which in turn has to pay within two business days of receipt of the invoice. The filing said Rebecca Taylor could extend the payment term and has the right to liquidate the goods if Vince fails to pay in a timely fashion.The arrangement is unusual, but doable as both firms are connected to Boca Raton, Fla.-based private equity firm Sun Capital Partners.Sun Capital acquired Kellwood Co. for $762 million in 2008. That deal gave it Vince, which was already in the Kellwood portfolio from a 2006 acquisition. Sun later took Vince public in an initial public offering in 2013 that raised $200 million. It still owns a stake in Vince. Separately, in 2011, Kellwood acquired Rebecca Taylor for an undisclosed amount, although funding for the deal was through both Kellwood and Sun Capital. In 2016, Sun Capital sold what was left of Kellwood — women’s and junior’s apparel lines Rewind; JAX, and Briggs New York and a private label business, among other labels — to an unnamed Hong Kong investor group for an undisclosed amount, but retained the Rebecca Taylor, Devlin and Parker brands.Speaking of the new financing agreement, a Vince spokesman said, “The program is set up to be flexible to address our business needs as we monitor them.” That means the agreement is a form of back up financing in case Vince hits liquidity constraints from limitations or covenant restrictions on its own recently amended term loan and revolving credit line.As for how long the agreement is in place for, “There is no initial term,” according to the spokesman. The regulatory filing said either side could end the agreement on 60 days’ written notice.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast