After a successful $200 million initial public offering in November of 2013 -- after which the company's share value has climbed and climbed -- Vince announced Monday that it is now prepping for a secondary offering. This time around, majority stakeholder Sun Capital Partners is taking the opportunity to sell off some of its shares: According to an SEC filing from Monday, the 3,550,373 shares being offered include those held by Sun Capital, which has been an investor in the brand since 2008.
This follows news earlier this month that Vince had hired former Philosophy designer Natalie Ratabesi as its new creative director, a position that it had been looking to fill since Doo-Ri Chung left the post in October of last year. Even without a creative director in place, the last quarter was good to the understated essentials brand, with sales growing 32.4 percent to $53.5 million.
The question, of course, is why Sun Capital Partners is choosing to sell now. Does it believe the business has peaked? A rep for Sun Capital did not respond immediately to request for comment, nor did a spokeswoman for Vince.