We are reiterating our Buy rating, $3 price target and projections for Vince after visiting the company's store in London and touring key wholesale partners. While not a highly material focus for FY24, we believe, with a compelling store in a prime contemporary fashion focused location and strong representation in key London department stores, Vince is poised, longer-term, to expand on international opportunities. With the company now on track in terms of capital and set to anniversary key operating shifts in 2HFY24, we believe the brand is poised to reappear on investors' radar screens in the near future, and we reiterate our Buy rating and $3 price target for VNCE.