The latest apparel firm to go public with its initial public offering is contemporary brand Vince, which starts trading today on the New York Stock Exchange.
This story first appeared in the November 22, 2013 issue of WWD. Subscribe Today.
Vince Holding Corp., formerly a part of Apparel Holding Corp., trades under the ticker symbol “VNCE.”
Apparel Holding, in a regulatory filing with the Securities and Exchange Commission earlier this month, said it plans to offer 10 million shares priced between $17 and $19 a share, or 28 percent of the company. That would raise between $170 million and $190 million for Boca Raton, Fla.-based private equity firm Sun Capital Partners, which owns Apparel Holding. At the midpoint range of $18 a share, the company would net $159 million after expenses and value the whole company at $652.7 million. The plan is for $5 million of the net proceeds to be used for general corporate purposes, with the balance towards debt.
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Sun picked up its ownership of Vince when it acquired Kellwood Co. in 2008, which already had the brand under its umbrella. Sun retains a majority stake in Vince, and still owns the non-Vince apparel businesses that are part of Kellwood’s portfolio. That component of Apparel Holding has been renamed Kellwood Holding Corp., which includes the brands Rebecca Taylor, David Meister and XOXO, among others.