29 Mar '16, 9pm
Vince Is "Hitting Pause" On Its Handbag Business
Less than two years after Vince launched its handbag collection, the brand is "hitting pause" on that category, company executives said on a webcast Tuesday afternoon while reporting 2015's financial results. Why the freeze? Execs explained that the simple leather bags just didn't represent the ready-to-wear side of the brand, which has been in the midst of its own creative overhaul ever since Vince re-hired its previously departed co-founders, Rea Laccone and Christopher LaPolice, as product and merchandising consultants this November. And it was undoubtedly more than just an aesthetic incongruity: Vince's sales dropped 11.1 percent in 2015, from $340.4 million during 2014 to $302.5 million. One might suppose that bag sales factored into that slump. Vince isn't giving up on the category, though. The team is currently looking to hire a dedicated handbag designer and is ret...