Vince Holding Corp. Names David Stefko Chief Financial Officer
NEW YORK–(BUSINESS WIRE)–Vince Holding Corp. (NYSE:VNCE), a leading contemporary fashion brand
(“Vince” or the “Company”), today announced the appointment of David
Stefko to the position of Chief Financial Officer of the Company,
effective immediately. Mr. Stefko previously held the position of
Interim CFO and Treasurer.
Brendan Hoffman, Chief Executive Officer, commented, “I am extremely
pleased that Dave has agreed to take on the role of Chief Financial
Officer on a permanent basis. Having worked closely with him since I
joined the Company last fall, I have come to value and respect his
financial expertise and leadership abilities. He has made valuable
contributions to the organization during his tenure as interim CFO, and
I look forward to leveraging his knowledge and experience as we work
together to set the stage for the future growth of the Vince brand.”
Mr. Stefko said, “I am pleased to be joining Vince on a permanent basis,
and look forward to continuing to work with Brendan and the team to
drive sustainable long-term growth and shareholder value.”
Mr. Stefko has 28 years of senior finance and executive management
experience and until being named Interim Chief Financial Officer and
Treasurer, held the position of Group CFO at Sun Capital Partners. Prior
to joining Sun Capital, he served as SVP, CFO & CAO of Things
Remembered, a national multichannel specialty retailer.
ABOUT VINCE
VINCE is a leading contemporary fashion brand best known for modern
effortless style and everyday luxury essentials. Established in 2002,
the brand now offers a wide range of women’s and men’s apparel, women’s
and men’s footwear, and handbags. Vince products are sold in prestige
distribution worldwide, including over 2,500 distribution locations
across 48 countries. With corporate headquarters in New York and its
design studio in Los Angeles, the Company operates 34 full-price retail
stores, 14 outlet stores and its e-commerce site, VINCE.com. Please
visit www.VINCE.com
for more information.
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 the
statements under “Updated 2015 Outlook” and 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
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 control
the level of sales in the off-price channels; our ability to manage
current excess inventory in a way that will promote the long-term health
of the brand; our ability to maintain adequate cash flow from operations
or availability under our revolving credit facility to meet our
liquidity needs (including our obligations under the tax receivable
agreement); changes in consumer confidence and spending; our ability to
maintain projected profit margins; unusual, unpredictable and/or severe
weather conditions; the execution and management of our retail store
growth, including the availability and cost of acceptable real estate
locations for new store openings; 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; the impact of recent turnover in the senior management
team; the fact that a number of members of the management team have less
than one year of tenure with the Company, and the current senior
management team has not had a long period of time working together; our
ability to attract and retain key personnel; commodity, raw material and
other cost increases; compliance with 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; tax matters and
other factors as set forth from time to time in our Securities and
Exchange Commission filings, including under the heading “Item 1A—Risk
Factors” in our Annual Report on Form 10-K and our Quarterly Reports on
Form 10Q. 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.
This press release is also available on the Vince Holding Corp. website (http://investors.vince.com/).
Contacts
Investor Relations:
ICR, Inc.
Jean Fontana, 646-277-1200
Jean.fontana@icrinc.com
