Vince Holding announced on Wednesday that venture fund P180 has acquired a majority stake in the U.S. luxury fashion brand from affiliates of Sun Capital Partners.

Financial terms of the deal were not disclosed. However, P180 is said to have bought about 65 percent of the New York-based company’s stock from Sun Capital.

As part of the acquisition deal, ​Brendan Hoffman, Vince’s former CEO, will return to the CEO spot, effective February 3. David Stefko is expected to step down as interim CEO, and continue to serve on the Vince board of directors. Meanwhile, Matthew Garff has resigned from the board, as part of the acquisition.

P180, a new venture focused on accelerating growth and profitability in the luxury apparel sector, was founded by Hoffman and CaaStle CEO Christine Hunsicker, last year. The new Vince deal follows its recent investment in luxury fashion label Altuzarra and partnership with multi-brand premium retailer Elysewalker.

“Vince is the perfect partner for P180; the brand’s dominance in the luxury contemporary market aligns seamlessly with our acquisition strategy,” said Hoffman.

“In addition, as Vince has evolved its operating model, we believe having access to the technology and team of CaaStle, founded by Christine Hunsicker, my co-founder at P180, will further advance the company’s momentum in driving improved profitability while enhancing its omni-channel experience.

“Personally, I have a strong connection to the Vince brand, having served as Vince CEO for five years. I am excited to lead the team again as we continue to unlock new growth opportunities, drive innovation, enhance the brand’s market position, and focus on monetizing the company’s inventory to ensure continued long-term success.”

In its most recent trading update in December, Vince Holdings said sales fell 4.7% to $80.2 million in the third quarter, as the U.S. luxury firm clocked contractions across its direct retail and wholesale channels.