Authentic Brands Group is bringing another fashion brand into its expanding portfolio.

The company behind dozens of brand and retailer acquisitions has entered into a deal with Vince Holding Corp. to acquire the intellectual property of the Vince brand.

Under the agreement, Vince intellectual property will live under a subsidiary within Authentic called ABG Vince. Authentic will own 75% of the group in exchange for $76.5 million and a 25% stake for Vince Holding Corp. Both entities have also entered into a licensing agreement, under which Authentic will operate the Vince business.

Established in 2002, Vince is a global luxury apparel, footwear and accessories brand. The company said it plans to use the proceeds from the deal to pay off $27.7 million in its term loan credit facility and increase its working capital.

“We are pleased to bring this luxury lifestyle brand into the fold and partner with the Vince management team on the brand’s next phase of growth,” said Authentic founder, CEO and chairman Jamie Salter in a statement. “The addition of Vince strategically expands Authentic’s portfolio of globally renowned Luxe brands. We see significant opportunities to expand Vince’s offerings to meet the growing demand for premium and luxury goods around the world.”

Vince will not undergo any chances to its management or board of directors and will continue to be a publicly traded company. The deal is expected to close in Q2 of 2023.

Vince CEO Jack Schwefel said  the new deal with Authentic will give Vince the capital to grow its e-commerce capabilities, expand its international presence, growing its Men’s business and open new retail doors in the U.S.

“Through this strategic partnership we will also benefit from leveraging Authentic’s expertise and Lifestyle and Entertainment platforms, which provide opportunities to grow the Vince brand into adjacent categories and territories,” Schwefel said.

Vince Holding on Monday reported financial results for the fourth quarter and full year of 2022. For the full year, net sales increased 10.8% to $357.4 million. Gross profit was $138 million, or 38.6% of net sales. Gross margin declined partly due to the company’s decision to wind down its Rebecca Taylor business in September.

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