Outdoor Voices Warms Up Business with New Proprietor Following Unplanned Store Closures
New Life for Outdoor Voices: Consortium Brand Partners' Game-Changing Acquisition
Newly aquired by Consortium Brand Partners, Outdoor Voices is making a comeback with ambitious growth plans.
Following a banker's approach about a potential deal, Consortium Brand Partners seized the opportunity to save Outdoor Voices from financial peril. The acquisition promises a healthier fiscal future, with international expansion and the possibility of new store openings in 2025.
According to Cory Baker, the company's overpayment for customer acquisition, expensive leases, and excessive debt were the main catalysts of Outdoor Voices' troubles. Smaller brands, says Baker, need every store to operate as a profit center, in contrast to loss-leading flagship stores of conglomerates like LVMH or Kering.
Before the acquisition, Outdoor Voices faced challenges. Tyler Haney, the founder, left the company in 2020 during a series of layoffs, followed by reports of her clash with then-board chair Mickey Drexler. Lunya's Ashley Merrill stepped in as chair with plans to fix the brand's finances, but stores began closing, and rumors of potential bankruptcy loomed.
Despite the tumultuous past, Consortium Brand Partners sees potential for Outdoor Voices and is eager to breathe new life into the brand. Baker highlights growth opportunities that extend beyond the brand's own channels and potential wholesale partnerships in the U.S. and abroad.
To kickstart this new era, Baker emphasizes a renewed focus on product lineup and brand messaging, with a priority on reconnecting with the customer base. DTC engagement is crucial, he notes, as is exploring adjacent product categories to promote long-term growth.
Consortium Brand Partners' experience with Draper James may serve as a blueprint for future success, as the company explores new product categories like pet, swimwear, home decor, and crafts.
In the journey ahead, Baker sees opportunities in expanding product lines such as swimwear, outerwear, fitness equipment, children's clothing, and accessories. Some of these expansions may debut by the holidays this year, with more happening next year. Expansion beyond the U.S., particularly in South America and Asia, is also on the radar, although specific plans are yet to be finalized.
Still in the works is a deep dive into product and design, an area Haney has been critical of on social media but one that Baker believes can still improve. However, he credits Outdoor Voices' product as good, with the potential for further enhancement. Shuttering the store fleet, Baker suggests, was a pragmatic response to financial constraints.
Baker acknowledges the tough decisions made during difficult times and expresses confidence in Outdoor Voices' future, stating, "This is not a broken brand. It was a broken business. And that's a very different thing."
Here's hoping that Consortium Brand Partners' leadership steers Outdoor Voices towards a brighter future filled with growth, innovation, and a renewed connection with its customer base. #OutdoorVoices #Rebirth #BrandRevival
- Outdoor Voices, now under Consortium Brand Partners, aims to revive with expansion plans worldwide, potentially opening stores in 2025.
- Financial troubles, including high customer acquisition costs and excessive debt, led to Outdoor Voices' struggles before the acquisition.
- Cory Baker, from Consortium Brand Partners, sees growth opportunities for Outdoor Voices, beyond its own channels, and possible wholesale partnerships.
- The fresh focus will be on improving product lines and brand messaging to re-engage customers, with DTC engagement being crucial.
- Consortium Brand Partners may explore new ventures, like pet, swimwear, home decor, and crafts, as they did with Draper James previously.
- Baker envisions growth in product categories like swimwear, outerwear, fitness equipment, children's clothing, accessories, and potential expansion into South America and Asia.
- There are plans to analyze and enhance product design, a aspect that has drawn criticism on social media, but which Baker believes still has potential for improvement.
- Despite the past difficulties, Baker views Outdoor Voices as a viable brand that requires a business reshuffle rather than a remake.
- The strategic closure of stores was a necessary response to financial pressures, according to Baker.
- The acquisition of Outdoor Voices by Consortium Brand Partners marks a new chapter, filled with optimism for growth, innovation, and re-establishing the brand's connection with its customer base. #OutdoorVoices #Rebirth #BrandRevival
