Rebecca Taylor & Parker acquired by Vince Holding Corp.

Vince is expanding its portfolio of contemporary womenswear labels. The New York-based luxury apparel and accessories brand has announced the acquisition of Rebecca Taylor and Parker.

Both Rebecca Taylor and Parker were previously owned by Sun Capital, a privately held global investment firm that also has a 75 percent stake in Vince.

“We are excited to be creating a diversified portfolio of highly recognized and distinct contemporary brands with this Acquisition," Brendan Hoffman, chief executive officer of Vince, said in a statement. "The addition of Rebecca Taylor and Parker will position us to gain broad appeal across the contemporary spectrum.”

Hoffman and his team see an opportunity to double revenue with the new acquisitions. Rebecca Taylor and Parker are currently distributed to high-end department stores internationally and retail direct-to-consumer through their own respective e-commerce sites. Rebecca Taylor also has six brick-and-mortar stores. Combined sales for the two brands totaled around 84 million dollars for the twelve-month period ending February 2, 2019.

Vince Holding Corp. paid 19.7 million dollars for purchase of Rebecca Taylor and Parker, which closed on November 3. This price reflects the payoff of 19.2 million dollars of outstanding debt obligations and the assets of the acquired businesses, which totaled a value of 0.7 million dollars.

“We see opportunity to accelerate growth in each of these brands by implementing the Vince strategic playbook to build direct-to-consumer strategies, further expand brand awareness, and leverage core competencies through the sharing of best practices," Hoffman continued. "The expansion of our revolving credit facility also provides us with additional financial flexibility to support our growth initiatives."