Sept 24Apparel Holding Corp, controlled by Sun
Capital Partners Inc, filed with U.S. regulators on Tuesday to
take its Vince luxury apparel company public in an initial
public offering valued at up to $200 million.
Apparel Holding was formed to hold the assets of Kellwood
Holding LLC, which was acquired by Sun Capital in 2012.
After the offering, Apparel Holding will be renamed to Vince
Holding Corp and its business will consist solely of the
business relating to the Vince clothing brand, the New
York-based company told the U.S Securities and Exchange
Commission in a preliminary prospectus. ()
Kellwood Holding will continue to own the trademarks and
names necessary to operate other brands that are under Apparel
Holding, including Rebecca Taylor, Sag Harbor, My Michelle, XOXO
and David Meister.
The luxury goods market grew at a compound annual growth
rate of about 6 percent between 1996 and 2012, with estimated
sales of about $260 billion in 2012, according to Bain Studies.
The global personal luxury goods market is expected to grow
4 to 5 percent in 2013, and at a 5 to 6 percent compounded
annual growth rate over the next few years.
Apparel Holding's net sales were $363.9 million in six
months ended August 3, up about 14 percent from a year earlier.
The company's losses shrunk to $25.6 million in that period from
$81.2 million a year earlier.
Goldman, Sachs & Co, Baird, Bank of America Merrill Lynch,
Barclays, JP Morgan, UBS Investment Bank, KeyBanc Capital
Markets, Stifel and William Blair were underwriting the IPO, the
company said in the filing.
The filing did not reveal how many shares the company
planned to sell or their expected price.
The company intends to list its common stock on the New York
Stock Exchange under the symbol "VNCE".
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.