Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity research on small cap consumer names.

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $4 price target and projections for Vince as we look at key trends for 2HFY25 and beyond.</li><li>We believe, more than any other player in our universe, VNCE has been affected by worries over tariffs; given that the company registered over 60% of their goods from China in FY24, this is not surprising.</li><li>That said, we believe Vince management has done yeoman's work in quickly diversifying the supply chain and focusing on the key longer term drivers of the business, from continued store expansion and upgrades, increasing wholesale penetration, international growth, deepening the focus on men's and adding new categories to the store mix to become even more of a lifestyle brand.</li></ul>

We are reiterating our Buy rating, $4 price target and projections for Vince as we look at key trends for 2HFY25 and beyond.We believe, more than any other player in our universe, VNCE has been affected by worries over tariffs; given that the company registered over 60% of their goods from China in FY24, this is not surprising.That said, we believe Vince management has done yeoman's work in quickly diversifying the supply chain and focusing on the key longer term drivers of the business, from continued store expansion and upgrades, increasing wholesale penetration, international growth, deepening the focus on men's and adding new categories to the store mix to become even more of a lifestyle brand.

VNCE: 2H Signposts: Tariffs Defer the VNCE Growth Story; Reiterate Buy, $4 PT

Vince Holding

VNCE: 2H Signposts: Tariffs Defer the VNCE Growth Story; Reiterate Buy, $4 PT