Vince Holding Corp has named Jack Schwefel as its new CEO, replacing David Stefko who has served in the position on an interim basis since August of last year.
Schwefel will be based at the company’s New York headquarters and will join the business on 29 March.
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He most recently served as CEO of Cost Plus, Inc from 2017 to 2021 where he transformed the organisation with a focus on omnichannel performance, data-driven merchandising, and marketing and partnerships. Prior to Cost Plus, from 2014 until 2017, Schwefel was CEO of Dutch Fashion, LLC.
He has also held various executive and senior management positions both domestically and internationally at multiple brands, including Gap, Esprit, Kohl’s, and Toys “R” Us.
Marc Leder, chairman of the board, said Schwefel’s strong track record of driving profitable growth combined with his expertise in developing and implementing omnichannel strategies will be ideal to continue to grow Vince.
Schwefel added: “I am thrilled to be joining the company at this time as we execute the next phase of growth for the Vince brand and continue to advance the progress made at Rebecca Taylor. These are two incredible brands with tremendous potential, which are supported by extraordinary creative leadership. I look forward to working with the teams to further strengthen the foundation and drive the strategies to deliver long-term profitable growth for our shareholders.”
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By GlobalDataVince acquired contemporary women’s brand Rebecca Taylor alongside Parker in 2019 for US$19.7m.
In its most recent quarterly update, Vince reported a 34% decline in net sales for the third quarter ended 31 October to US$69m from $104.5m in the same period last year. By brand, Vince net sales were down 28.7% to $61.6m, while those at Rebecca Taylor and Parker decreased 58.9% to $7.5m. Net income fell to $5m from $6m, while gross margin rate was 45.9% compared to 48.8%.
