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Alongside these financial forecasts, Vince Holding Corp also revealed plans for a new transformation programme. The initiative aims to enhance profitability through an improved gross margin profile and a more optimised expense structure, the company said in a press release.
Key focus areas for the transformation programme include streamlining manufacturing and production operations, reducing the frequency and extent of promotional activities and markdowns, and enhancing efficiencies in store operations, corporate overhead, and third-party spending.
The company projects that the transformation efforts will generate savings of over $30 million over the next three years. The programme will be spearheaded by Heather Wilberger, Vince's chief transformation, and information officer, who will report directly to CEO Jack Schwefel.
“This year has been a year of significant change for our organisation as we continue to position Vince for long-term success. Our transaction with Authentic Brands Group provided increased financial flexibility as we fortified our balance sheet, and resulted in increased royalty expenses which we plan to offset with our transformation programme. Following a thorough review of our business and cost structure, we have identified opportunities to further streamline our organisation and drive efficiencies across our operations,” said Schwefel.
Fibre2Fashion News Desk (DP)
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