Vince, the famous American luxury casual clothing brand, has announced the closure of its Rebecca Taylor business.
The move follows Rebecca Taylor’s recent poor performance in the second quarter, which saw her sales fall 27.9% year-on-year (YoY).
The Vince brand, in particular, saw sales rise 20.5% in the second quarter.
The brand’s total net sales during the said period increased 13.4% year-on-year to US$89.2 million.
Importantly, the net loss increased by 2,400% from US$600,000 in the second quarter of 2021 to US$15 million in the second quarter of 2022.
Justifying the closure of the Rebecca Taylor business, Jack Schwefel, CEO of Vince, said: “Given the heightened headwinds of the range of macroeconomic and pandemic-related issues in the industry that Rebecca Taylor in particular has faced over the past 2 years we have made the difficult decision to leave our business Rebecca Taylor.
The US retailer operates through 14 outlets, 45 full-price retail stores as well as its e-commerce site, vince.com, in addition to its wholesale services.