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Goodwill and Intangible Assets | 9 Months Ended
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Oct. 29, 2022
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 3. Goodwill and Intangible Assets Net goodwill balances and changes therein by segment were as follows:
(in thousands) |  | Vince Wholesale |  |  | Vince Direct-to-consumer |  |  | Rebecca Taylor and Parker |  |  | Total Net Goodwill |
Balance as of January 29, 2022 |  | $ | 31,973 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,973 |
Balance as of October 29, 2022 |  | $ | 31,973 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,973 |
The total carrying amount of goodwill is net of accumulated impairments of $101,845. The following tables present a summary of identifiable intangible assets:
(in thousands) |  | Gross Amount |  |  | Accumulated Amortization |  |  | Accumulated Impairments |  |  | Reclassification to Assets Held for Sale |  |  | Net Book Value |
Balance as of October 29, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 31,355 |  |  | $ | (22,084 | ) |  | $ | (6,115 | ) |  | $ | — |  |  | $ | 3,156 |
Tradenames (1) |  |  | 22,236 |  |  |  | (683 | ) |  |  | (18,663 | ) |  |  | (2,890 | ) |  |  | — |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  |  | 101,850 |  |  |  | — |  |  |  | (34,750 | ) |  |  | — |  |  |  | 67,100 |
Total intangible assets |  | $ | 155,441 |  |  | $ | (22,767 | ) |  | $ | (59,528 | ) |  | $ | (2,890 | ) |  | $ | 70,256 |
(1) On September 12, 2022, the Company announced its decision to wind down the Rebecca Taylor business. Therefore, the Company determined that the indefinite life classification was no longer appropriate for the Rebecca Taylor tradename and began amortizing the Rebecca Taylor tradename in the third quarter of fiscal 2022. Amortization of the Rebecca Taylor tradename ceased upon classification as held for sale in the third quarter of fiscal 2022. Additionally, during the third quarter of fiscal 2022, the Parker tradename was classified as held for sale and amortization ceased. See Note 2 "Wind Down of Rebecca Taylor Business" for further information.
(in thousands) |  | Gross Amount |  |  | Accumulated Amortization |  |  | Accumulated Impairments |  |  | Net Book Value |
Balance as of January 29, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 31,355 |  |  | $ | (21,635 | ) |  | $ | (6,115 | ) |  | $ | 3,605 |
Tradenames |  |  | 13,100 |  |  |  | (143 | ) |  |  | (12,527 | ) |  |  | 430 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  |  | 110,986 |  |  |  | — |  |  |  | (39,186 | ) |  |  | 71,800 |
Total intangible assets |  | $ | 155,441 |  |  | $ | (21,778 | ) |  | $ | (57,828 | ) |  | $ | 75,835 |
During the second quarter of fiscal 2022, the Company determined that a triggering event had occurred in the Rebecca Taylor and Parker segment as a result of changes to the Company’s long-term projections. The Company performed an interim quantitative impairment assessment of the Rebecca Taylor tradename utilizing the relief from royalty valuation approach. The relief from royalty valuation approach is dependent on a number of factors, including estimates of projected revenues, royalty rates in the category of intellectual property, discount rates and other variables. The Company estimated the fair value of the Rebecca Taylor tradename intangible asset and determined that the fair value of the Rebecca Taylor tradename was below its carrying amount. Accordingly, the Company recorded an impairment charge for the Rebecca Taylor tradename intangible asset of $1,700, which was recorded within Impairment of intangible assets on the condensed consolidated statement of operations and comprehensive income (loss) for the nine months ended October 29, 2022. There was no such impairment charge for the three months ended October 29, 2022 and the three and nine months ended October 30, 2021. Amortization of identifiable intangible assets was $661 and $989 for the three and nine months ended October 29, 2022, respectively, and $164 and $492 for the three and nine months ended October 30, 2021, respectively. The estimated amortization expense for identifiable intangible assets for the remainder of fiscal 2022 and the next five fiscal years is expected to be as follows:
|  | Future |
(in thousands) |  | Amortization |
2022 |  | $ | 150 |
2023 |  |  | 598 |
2024 |  |  | 598 |
2025 |  |  | 598 |
2026 |  |  | 598 |
2027 |  |  | 598 |
|  | $ | 3,140 |

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