By Chandra Johnson-Greene of Stamford Buzz
Stamford-based clothing retailer Vineyard Vines will be expanding its headquarters with plans to create 200 jobs and retain 150 existing jobs over the next five years, Governor Dannel Malloy announced on Thursday.
The company has chosen to lease their new headquarters at 181 Harbor Drive in Stamford.
“Vineyard Vines has been a dedicated, longtime member of our corporate community and I am pleased that they will continue to call Stamford home. Their tremendous growth has been one of Stamford’s great success stories and has contributed in no small way to Stamford’s reputation as a prime destination for business,” Stamford Mayor David Martin said in a statement released by Gov. Malloy’s office.
“I have no doubt that Vineyard Vines will continue to make significant contributions in the years to come and look forward to working with them,” Martin said.
The state Department of Economic and Community Development (DECD) will support the $15.6 million project with a $6 million, 10-year loan at 1 percent interest. Funding may be used to purchase machinery and equipment, make leasehold improvements, or offset architect and engineering costs among others.
If vineyard vines meets certain job retention and creation milestones, the company will be eligible for loan forgiveness as follows:
- if all current positions are retained and 100 jobs are created in the first five years of the agreement, $3 million will be forgiven;
- if all current positions are retained and 150 jobs are created in that time frame, $4.5 million will be forgiven;
- and if all current positions are retained and 200 jobs are created then $6 million will be forgiven.
Vineyard Vines will also be eligible for up to $8 million in tax credits through the state’s Urban and Industrial Sites Reinvestment Tax Credit Program, as well as up to $500,000 in Sales and Use Tax Exemptions subject to approval from Connecticut Innovations.
“Vineyard Vines is a great Connecticut story of two brothers who, fed up with corporate life and determined to make it on their own, began selling their own line of ties nearly 20 years ago. Today, they are one of the leading retailers of clothing and accessories for men, women and children sold throughout the country and competing with the likes of L.L. Bean and J. Crew,” Malloy said. “The Murray brothers, CEOs and co-founders of Vineyard Vines, are proof positive that if you are an entrepreneur and you have a dream, you can attain it right here in Connecticut.”
Vineyard Vines three Connecticut locations all based in Fairfield County — Greenwich, New Canaan and Westport — and the company also has stores in Alabama, California, Florida, New Jersey, Massachusetts, Georgia, Illinois, New York, Pennsylvania, Tennessee, North Carolina, Virginia, Texas and Washington D.C.
In Greenwich Vineyard Vines is located at 145 Greenwich Ave. Tel. (203) 661-1803.