NEW YORK--(BUSINESS WIRE)--
Vince, LLC (“Vince”), an indirectly wholly owned subsidiary of Vince Holding Corp. [NYSE: VNCE], announced today the launch of Vince UNFOLD, a new online subscription service that provides unlimited access to its women’s apparel collection. Powered by CaaStle, Vince UNFOLD is the first apparel subscription service to be offered by a retail brand in the advanced contemporary market.
“Vince UNFOLD is an innovative new subscription service that will tap our existing product assortment to drive incremental revenue while further advancing awareness of the Vince brand,” said Brendan Hoffman, Chief Executive Officer, Vince. “We believe that subscription services will play a much greater role in consumer shopping patterns in the near future and are excited to partner with CaaStle to offer this service.”
The new service will provide customers with unlimited access to the brand’s full collection of women’s apparel including knitwear, dresses, outerwear and trousers for one flat monthly fee, with the option to keep and purchase any favorite items. Vince UNFOLD is priced at $160 per month for a 4-garment plan and includes free priority shipping, unlimited exchanges and returns, and complimentary laundering services.
Vince partnered with rental technology platform CaaStle to develop UNFOLD and will utilize their white glove service to handle all advanced technology, reverse logistics and managed services for the new subscription program.
“We’re thrilled to partner with Vince to offer the CaaS (Clothing as a Service) model to their consumers,” said Christine Hunsicker, founder and CEO, CaaStle. “As the first contemporary brand to embrace our rental platform and services, Vince can more deeply engage current consumers while also attracting new ones. CaaStle handles all the customer experience, logistics and technology to allow Vince the opportunity to create a new, profitable channel that didn’t exist before.”
For more information please visit VinceUnfold.com.
Established in 2002, Vince is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day. The collections are inspired by the brand’s California origins and embody a feeling of warm and effortless style. Vince designs uncomplicated yet refined pieces that approach dressing with a sense of ease. Known for its range of luxury products, Vince offers women’s and men’s ready-to-wear, shoes, handbags, and home for a global lifestyle. Vince products are sold in prestige locations worldwide. As of November 14, 2018, the Company operated 45 full-price retail stores, 14 outlet stores and its e-commerce site, vince.com. The Company is headquartered in New York and operates a design studio in Los Angeles. Please visit www.vince.com for more information.
CaaStle is a proprietary cloud-based, managed service that enables retailers to provide Clothing as a Service (CaaS) to their consumers as a complement to their existing retail business. CaaS provides retailers with a predictable and recurring revenue stream, reduced inventory risk, improved yield optimization and stronger customer engagement than in traditional retail alone. A retailer running on the CaaStle platform controls its brand and owns consumer relationships while CaaStle operates the service in a fully managed way, including all proprietary technology and logistics. Visit caastle.com for more information.
Forward-Looking Statements: This document, and any statements incorporated by reference herein, contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company's future results and financial condition, revenues, store openings and closings, margins, expenses and earnings and are indicated by words or phrases such as “may,” “will,” “should,” “believe,” “expect,” “seek,” “anticipate,” “intend,” “estimate,” “plan,” “target,” “project,” “forecast,” “envision” and other similar phrases. Although we believe the assumptions and expectations reflected in these forward-looking statements are reasonable, these assumptions and expectations may not prove to be correct and we may not achieve the results or benefits anticipated. These forward-looking statements are not guarantees of actual results, and our actual results may differ materially from those suggested in the forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control, including, without limitation: our ability to continue having the liquidity necessary to service our debt, meet contractual payment obligations, and fund our operations; our ability to comply with the covenants under our credit facilities; our ability to successfully operate the newly implemented systems, processes and functions recently transitioned from Kellwood Company; our ability to remediate the identified material weaknesses in our internal control over financial reporting; further impairment of our goodwill and indefinite-lived intangible assets; our ability to realize the benefits of our recently announced strategic initiatives; the execution and management of our retail store growth plans; our ability to make lease payments when due; our ability to ensure the proper operation of the distribution facility by a third-party logistics provider; our ability to remain competitive in the areas of merchandise quality, price, breadth of selection and customer service; our ability to anticipate and/or react to changes in customer demand and attract new customers, including in connection with making inventory commitments; our ability to manage excess inventory in a way that will promote the long-term health of the brand; changes in consumer confidence and spending; our ability to maintain projected profit margins; the execution and management of our international expansion, including our ability to promote our brand and merchandise outside the U.S. and find suitable partners in certain geographies; our ability to expand our product offerings into new product categories, including the ability to find suitable licensing partners; our ability to successfully implement our marketing initiatives; our ability to protect our trademarks in the U.S. and internationally; our ability to maintain the security of electronic and other confidential information; serious disruptions and catastrophic events; changes in global economies and credit and financial markets; competition; our ability to attract and retain key personnel; commodity, raw material and other cost increases; compliance with domestic and international laws, regulations and orders; changes in laws and regulations; outcomes of litigation and proceedings and the availability of insurance, indemnification and other third-party coverage of any losses suffered in connection therewith; effect of the U.S. federal income tax law reform; other tax matters; and other factors as set forth from time to time in our Securities and Exchange Commission filings, including those described under “Item 1A—Risk Factors” in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We intend these forward-looking statements to speak only as of the time of this release and do not undertake to update or revise them as more information becomes available, except as required by law.