Do you know Vince? Ever since its Los Angeles-based establishment in 2002, the Vince Camuto label—owned by the Camuto Group, who also holds Tory Burch and BCBG under its expansive belt—has experienced nothing but growth. Here, we delve into how Vince transformed into the literally billion-dollar brand it is today.
Set in mind as a collection of everyday, fashionable essentials for the modern woman, Vince’s exponential growth is (unsurprisingly) largely due to the brand’s merchandise. “The fundamental premise was to create a collection of iconic essentials that women would want to wear everyday — and I have to say, everyday is really key to the equation,” Vince chief executive, Jill Granoff, told The Business of Fashion.
Vince, the first apparel company to offer an IPO since that of Michael Kors Hodings Ltd. in 2011, had an approximate forty percent surge in stock prices, causing the then $726 million dollar brand (according to the New York Stock Exchange) to roll into the billion-dollar range, said The BoF.
But how did a modestly known luxury label climb the charts so quickly (and successfully)? Well, for one, Vince has expanded its product line, even adding an additional brand, Two by Vince Camuto, into the mix. Dresses, pants, leather goods, and (one of their primary markets) shoes are now under the ever-growing Vince umbrella. Vince currently houses twenty-eight retail stores, and remains a burgeoning presence in department stores like Saks Fifth Avenue and Macy’s. “We still have a lot of opportunity on the website, so we will be enhancing it further. Our web sales will be probably quadruple from what they were when I joined, as a result of focusing on this channel and having the team in place,” Granoff told The BoF.
Granoff has also developed a six-point plan, which touches on these areas, while also focusing on building brand awareness and increasing Vince’s international presence, though they do sell to forty-eight countries, says The BoF. Vince’s steadfast rise in the American fashion industry and retail market has been a remarkable account of the chance for growth in an economy that still has not fully recovered. The question of whether the brand continues on its quest for expanding profit margins, increasing global presence, and enhancing its e-commerce site are still in the cards—but with a billion-dollar label, someone must be doing something right.