We are reiterating our Buy rating, projections and $4 price target for Vince Holding with the company announcing 1QFY25 (April) results before the open on Tuesday. We believe Vince's business model remains fully intact, but material gains have been deferred by the current China export tariff regime; as such, we expect revenue and demand from both the wholesale and owned stores to be solid, while we also expect, as the company slowly shifts the supply chain to lower tariff countries, for near-term margins to remain under material pressure. The key will be what the potential/ business model is going forward. We look for the 1Q conference call, with the tariff regime somewhat settling, to provide a framework for investors to gauge Vince in the near and longer term. Either way, we remain upbeat on the Vince offerings and ability to potentially capitalize on longer-term upside opportunities, and we reiterate our Buy rating and $4 price target.