Vince, the fashion brand renowned for its understated sophistication and high-quality designs, is venturing into international markets. Founded in Los Angeles in 2002, Vince has been curating collections for both men and women and has successfully established 66 boutiques across the United States. Following its expansion to London in 2019, the brand is now setting its sights on further global expansion.
In early December, Vince announced a remarkable sales figure of $84.1 million for the third quarter of 2023, showcasing its impressive performance. With this success as a strong foundation, the brand is now looking to broaden its presence in Europe, particularly in France, the UK, and Germany. CEO Jack Schwefel expressed his vision for the brand’s growth to FashionNetwork.com.
Schwefel believes that there is untapped potential for Vince to thrive internationally. While the brand has a robust presence in New York and Los Angeles, its footprint is relatively subdued in other regions. Leveraging his experience in building global brands, Schwefel aims to gradually establish Vince as a key player in the international fashion scene.
Vince’s primary target markets for expansion in Europe are France, the UK, and Germany. In France, the brand seeks to strengthen its presence in prominent department stores like Printemps and Galeries Lafayette, where it already has an established foothold. Additionally, Vince plans to fortify its partnerships with multi-brand retailers. Recognizing the room for growth in the men’s segment, the brand has been investing in its menswear collections.
Taking advantage of the bustling Asian market, Vince is also expanding its presence in China, with stores in Shanghai and Nanjing. By partnering with ImagineX for distribution, the brand aims to further develop its wholesale business in China. Vince has already achieved a foothold in Japan and South Korea and intends to expand further in these countries.
In the United States, Vince currently operates 66 stores and aims to cover the entire nation by establishing 90 to 100 stores. The brand is targeting emerging markets, including Culver City and the San Fernando Valley in California, as well as Denver, Charlotte, Nashville, and Portland.
To elevate the customer experience, Vince is experimenting with various initiatives in its stores. These include offering unique experiences like crystal readings and yoga sessions and inviting appearances from the brand’s creative director, Caroline Belhumeur, for personalized styling advice. Vince plans to continue expanding these experiential offerings to create a vibrant and engaging atmosphere in its stores.
In terms of design philosophy, Vince strives to offer simple, effortless, and timeless collections that are immune to fleeting trends. The brand emphasizes the use of luxurious yet casually comfortable fabrics like cashmere.
Sustainability is a top priority for Vince. The brand has introduced a rental service called Unfold and prioritizes the use of recycled and natural materials. By 2024, Vince aims to place a major focus on sustainability and attaining the B-Corp label.
Vince manufactures its products in various countries, including China, Vietnam, Turkey, Portugal, and Peru. The brand intends to further develop its denim line, with a particular emphasis on expanding its offerings for men.
In May 2023, Vince entered into a partnership with Authentic Brands Group (ABG), with ABG acquiring a 75% stake in the brand. This strategic collaboration allows Vince to concentrate on design and creativity, while ABG spearheads the brand’s expansion and growth in new markets. Vince is dedicated to deepening its relationship with ABG and exploring potential opportunities for licensed products.
With its impressive sales performance and ambitious plans for global expansion, Vince is poised to establish itself as a prominent global brand in the highly competitive fashion industry.
Useful links:
1. Printemps
2. Galeries Lafayette
