We are reiterating our Buy rating, $4 price target and projections for Vince Holdings after hosting a virtual fireside chat with Vince Chief Executive Officer Brandon Hoffman and Chief Financial Officer Yuji Okumura. While FY25 continues to be buffeted by shifts in the overall tariff universe, we believe Vince management has remained focused on the longer term business model. While actively diversifying the production base, the company has also continued to open and upgrade stores, expand on the wholesale front, maintain product quality, versatility and the ability to leverage product flows to capture higher overall market share. As such, while 2QFY25 will be an (already projected) tough quarter, we see Vince remaining a key winner and beginning to once again demonstrate the strength of their business model. As such, we reiterate our Buy rating and $4 price target for VNCE.