Outdoor Voices' stores have been permanently closed, with a new proprietor now taking control.
Venturing into the Great Outdoors: Outdoor Voices' New Journey
After a sudden closure of all stores in March, Outdoor Voices, the popular lifestyle athletics brand, has found a lifeline. In a surprising turn of events, Consortium Brand Partners, known for its acquisition of Reese Witherspoon's Draper James last year, is set to scoop up Outdoor Voices for an undisclosed amount.
When asked about the new leadership and Tyler Haney's involvement, Cory Baker, co-founder and managing partner of Consortium Brand Partners, revealed that Katie Siano, Outdoor Voices' President, will continue in her role. The company intends to keep its 15 shuttered stores closed for now but plans to open new stores possibly in 2025. Baker added that they've rehired some furloughed employees and taken on the entire current staff.
New Ownership, New Opportunities
The acquisition has placed Outdoor Voices in the healthiest financial position it has ever been, said Baker, with potential for international expansion and new store openings in the coming years. The acquisition came about when a banker approached Consortium Brand Partners with a possible deal, Baker shared.
Baker stated that Outdoor Voices' financial woes were due to factors such as overpaying for customer acquisition, expensive leases, and excessive debt, which were all predictable if you don't "need every store to be a profit center." Outdoor Voices had been operating stores in popular locations like New York, Boston, and Washington D.C.'s Georgetown neighborhood, but the new owners are aiming for each store to serve as a profit generator.
Before Outdoor Voices' sudden closure, the brand had faced troubles, with Tyler Haney's departure amid layoffs, leading to a much-discussed saga, and rumors of a possible bankruptcy swirling. However, Consortium Brand Partners sees a fixable brand in Outdoor Voices, expressed Baker.
Reconnecting and Expanding
The primary focus for Consortium Brand Partners is reconnecting with the brand's customer base and ensuring the right product and messaging resonate with them. Baker emphasized the importance of re-engaging with DTC customers and expanding the product categories beyond the core business, such as swimwear, outerwear, fitness equipment, children's, and accessories.
Expansion into adjacent categories like pet, swimwear, home decor, and crafts is also being considered, with some possible by the holiday quarter this year, while many will likely be implemented in 2023. Additionally, Consortium Brand Partners is exploring international interest, particularly in South America and Asia, for growth opportunities. Though firm plans haven't been set in stone yet, it's likely that expansion will happen through local retailers and distributors rather than solely through the website.
In many ways, Consortium Brand Partners' work with Draper James serves as a roadmap for what is achievable at Outdoor Voices, with the potential for growth beyond women's apparel into adjacent categories like pet, swimwear, home decor, and crafts in the next six to 12 months.
Stay tuned for more updates on Outdoor Voices' growth plan as Consortium Brand Partners continues to shape the future of the brand.
- Consortium Brand Partners aims to reconnect with Outdoor Voices' customer base, intending to ensure the right products and messaging resonate with them.
- The new ownership plans to expand the product categories beyond the core business, such as swimwear, outerwear, fitness equipment, children's, and accessories.
- Expansion into adjacent categories like pet, home decor, and crafts is under consideration, with some possible by the holiday quarter this year, while many will likely be implemented in 2023.
- International interest, particularly in South America and Asia, is being explore for growth opportunities at Outdoor Voices.
- The company's strategy for international growth may involve working with local retailers and distributors, rather than solely through the website.
- The acquisition of Outdoor Voices has placed the brand in the healthiest financial position it has ever been, with potential for international expansion and new store openings in the coming years.
- The new owners are aiming for each Outdoor Voices store to serve as a profit generator, as opposed to the previous strategy that required every store to be a profit center.
- The financial woes of Outdoor Voices were due to factors such as overpaying for customer acquisition, expensive leases, and excessive debt, according to Consortium Brand Partners.
- Baker, the co-founder of Consortium Brand Partners, stated that they've rehired some furloughed employees and taken on the entire current staff following the acquisition.
- The acquisition of Outdoor Voices came about when a banker approached Consortium Brand Partners with a possible deal, as shared by Baker.
