We are reiterating our Buy rating, projections and $5 price target for Vince Holding as we look forward to 2026. Despite shocks from tariffs during FY25, Vince recovered quickly and in a strong position, as the company’s affluent customer base remained buyers and the fashion offerings continued to materially improve, as Vince expanded into key categories and made sure key items (event dresses, sweaters and jackets, among others) remained in stock and continually updated. Further, the company further solidified their leading wholesale position with strong support for their partners, allowing for market share gains. As the company moves further from the initial tariff driven shocks, adding new categories and improving product flows, we believe there will be further margin and top line opportunities. As such. We view FY26 as set up for solid overall top and bottom-line growth for Vince, and we reiterate our Buy rating and $5 price target for VNCE.