Kellwood Co. Acquires Contemporary Brand Vince
Vince, the Los Angeles contemporary sportswear brand, has been bought by Kellwood Co., a $2 billion manufacturer of branded and private-label apparel based in Chesterfield, Mo.
Launched by designer Cynthia Vincent and partners Rea Laccone and Christopher LaPolice, the brand started in 2002 as a T-shirt line and quickly grew to include cashmere sweaters, trousers, shorts, knit dresses and outerwear.
Laccone, the former president of Vernon, Calif.–based Laundry by Shelli Segal, and LaPolice, formerly with New York–based women’s contemporary line Tahari, have steered the line to much acclaim since Vincent left the company in 2002.
Kellwood, which manufactures apparel for Liz Claiborne, Calvin Klein, Nautica and Ralph Lauren, as well as its own brands, acquired 100 percent ownership of the brand from CRL Group, which is owned by Laccone, LaPolice and John Paul Richard Inc. Financial terms of the sale, announced Sept. 27, were not disclosed, but a representative for Sage Group LLC, which helped broker the deal, said the acquisition should be finalized in October. John Paul Richard retains control of its Uniform and JPR brands. Laccone, LaPolice and designer Micheline Ip, a former designer for Laundry by Shelli Segal, will retain their positions and are under contract to remain with the brand for five years, Laccone said.
Vince, which sells at 400 specialty stores and luxury retailers such as Barneys New York, Bergdorf Goodman, Neiman Marcus and Saks Fifth Avenue, is expected to reach sales in excess of $45 million this year.
The brand is on a growth track. This summer, Vince made its Japanese debut through a licensing deal with Itochu Corp., and a men’s collection is in the works for Fall 2007. “We are also shopping several retail locations in and around Los Angeles and have other brand extension plans involving both retail and licensing,” Laccone said.
The partnership with Kellwood will help Vince facilitate its grand schemes. “We know we have a financial backer with like ambitions for the company and the financial wherewithal to be able to realize our plans,” she said. “We are very excited.”
—Erin Barajas
