We are reiterating our Hold rating and projections for Vera Bradley as we look forward to 2026. 2025 was another period of material change, with Executive Chairman Ian Bickley and Chief Financial Officer Martin Layding joining Vera Bradley in June 2025. Under new leadership the company has pivoted to “Project Sunshine” to restore the “joyful, functional and accessible” Vera Bradley brand. While there have been hints of the change already (return of the original Vera Tote and other Heritage driven items, added features and a renewed focus on patterns and cotton fabrication), 2026 will produce the full impact of new management changes and, hopefully, a return to prominence for the brand. While we remain with a Hold rating until we have a greater understanding of the potential financial impacts of “Project Sunshine,” we believe the changes so far have been a positive and we await the full package in 1HFY27.
