Vince Holding Corp, formerly known as Apparel Holding Corp, a clothing designer that is backed by Sun Capital Partners Inc, rose as much as 52 percent on its debut on the trading floor after raising USD 200 million in an initial public offering.
It sold off 10 million shares for USD 20 each, according to data compiled by Bloomberg after offering them originally for USD 17 to 19 apiece.
The Vince brand was acquired in 2006, by Kellwood Co, an apparel holding company that was purchased a couple of years ago by Sun Capital in a leveraged buyout. According to a regulatory filing, the private equity firm will keep control of Apparel's non-Vince businesses, including Rebecca Taylor and My Michelle. With all that being said, the company plans to use proceeds to pay off debtors.
Vince however, was founded in Los Angeles by Rea Laccone and Christopher LaPolice in 2002. Jill Granoff has served as chief executive officer of Vince since August 2012, after holding the CEO role at Kenneth Cole Productions Inc. The filings also show that after adjusted for the separation from Apparel Holding, Vince's sales increased by 27 percent to USD 114.7 million in the six months ended Aug 3.
Vince is listed on the New York Stock Exchange under the symbol VNCE.
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