Neat Take
- Old Dog, New Tricks: John Szczepanski, a seasoned veteran from Ralph Lauren, is stepping into the role of CFO at Vince Holding Corp. starting January 2nd.
- Shuffling the Deck: Szczepanski's arrival follows the departure of previous CFO Amy Levy, who left to pursue an opportunity at Centric Brands mere five months after taking over in January. Michael Hand served as interim CFO beforehand.
The Skinny
Seasoned finance executive moves to Vince, previously working with Ralph Lauren.
Vince, a company running retail stores, e-commerce, outlets, and wholesale, recently endured some turbulence. In 2021, brand management firm Authentic Brands Group took them under their wing, adding them to their stable of ailing companies.
Last year, they shuttered their Rebecca Taylor business, selling the intellectual property later on. There has been a consistent presence at the company, with CEO Jack Schwefel on board since 2021. However, the CFO position has seen a bit of a merry-go-round.
Earlier in the month, Vince announced a cost-cutting strategy with the goal of shedding $30 million over the next three years. They anticipated Q3 net sales to reach $81 to $83 million, an improvement compared to Q2's $69.4 million - a 22% decrease year over year.
In a statement, Schwefel expressed his enthusiasm about Szczepanski joining the team, acknowledging it's a crucial time for the company. Szczepanski, in turn, expressed his appreciation for the Vince brand and his eagerness to contribute to its success.
New CFO at the Helm
Yuji Okumura, the new CFO, has been formally appointed to the role effective April 14, 2025. With almost two decades of experience in accounting and financial reporting, he brings a wealth of knowledge to the table. Okumura joined Vince in 2018 as Director of Financial Reporting and became Vice President, Controller, in September 2020.
Vince's Recent Financial State
Vince Holding Corp. grappled with numerous challenges lately. Despite a 6.5% decline in revenue over the past year, they made significant strides with a majority stock acquisition by a subsidiary of P180, Inc. This move reduced the company's debt by approximately $27 million and left about $7.5 million in outstanding subordinated loans. Vince operates a network of retail stores, an e-commerce site, and a subscription service. The company plans to report its fourth quarter and fiscal year 2024 financial results on May 2, 2025. In the face of these developments, Vince continues to prioritize financial discipline and execute their objectives in a challenging economic climate.
- John Szczepanski, with vast experience from the fashion industry, will assume the CFO role at Vince Holding Corp, starting January 2nd, replacing Amy Levy who moved to Centric Brands.
- Szczepanski's arrival comes as Vince, a company operating in retail, e-commerce, outlets, and wholesale, struggles to maintain stability after Authentic Brands Group took them under their wing.
- The company's recent financial state has been unstable, as shown by the shuttering of their Rebecca Taylor business and a 22% decrease in Q2 net sales year over year.
- In an effort to improve their financial situation, Vince announced a cost-cutting strategy targeting a $30 million savings over the next three years.
- David Szczepanski's arrival is crucial, as the company aims to maintain continuity and navigate the challenging economic climate.
- Yuji Okumura, with almost two decades of experience in finance, has been appointed as the new CFO, effective April 14, 2025.
- Vince continues to prioritize financial discipline, executing their objectives in the retail industry while reporting their fourth quarter and fiscal year 2024 financial results on May 2, 2025.
