The US textile company Vince Holding Corp. has a new majority owner and is facing a change in leadership.
On Wednesday, the company announced that the investment company P180 had acquired a large part of the shares from the previous majority owner Sun Capital Partners Inc. P180 now holds around 65 percent of the shares in Vince Holding, while Sun Capital retained a minority stake of around two percent. As part of the transaction, P180 paid off part of the textile group’s debt.
The investment company P180 was founded by Christine Hunsicker and Brendan Hoffman, the former CEO of Vince Holding and the shoe and clothing group Wolverine World Wide. Hunsicker is the founder and managing director of the company CaaStle, which specializes in IT solutions for the fashion retail sector. Before taking over Vince Holding, P180 had already invested in the fashion label Altuzarra and entered into an e-commerce partnership with the clothing provider Elysewalker.
Hoffman led the group from 2015 to 2020
The change of ownership also has personnel consequences for the clothing company. The company said Hoffman will return to Vince Holdings as CEO. He is due to take over at the beginning of February from David Stefko, who has led the group as interim CEO since last spring. Stefko remains a member of the board of directors, while Matthew Garff, Sun Capital’s representative, has left the board, it said in a statement.
Hoffman had already led Vince Holding as CEO from 2015 to 2020. He then led the shoe and clothing company Wolverine World Wide Inc. from the beginning of 2022 to August 2023 before concentrating on his new project P180.