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. As such, and with VNCE trading at 6.5X our FY26 EPS projection and at a material discount to tangible book value per share of $2.90, we believe investors are once again ignoring the longer term VNCE story, and we reiterate our Buy rating and $4 price target.