We are reiterating our Buy rating, projections and $4 price target for Vince Holding with the company announcing 2QFY25 (July) results after the close on Wednesday. We believe the company has continued to offer compelling styles in both the wholesale and retail channels, even in the face of higher tariffs, which have somewhat altered the product flows for the Spring/Pre-Fall collections. Further, we expect the impact of higher tariffs, which did not coincide with material price increases in 2Q, to be the largest negative this quarter, with the bottom line impact increasingly offset going forward from price and sourcing shifts. As such, we expect 2Q to provide compelling proof of the positives and fashion right looks of the company's offerings, and offer a glimpse of what can be in terms of future returns as Vince fully reacts to the tariff issues.