Outdoor Voices, once a popular retailer, changes hands following sudden store closures.
Outdoor Voices' Revival Journey with Consortium Brand Partners
Outdoor Voices, the once-thriving lifestyle athletics brand, has found salvation. Consortium Brand Partners, the company behind Draper James, has snapped up Outdoor Voices following its sudden Store closure in March.
According to Cory Baker, co-founder and managing partner at Consortium Brand Partners, the acquisition positions Outdoor Voices for a healthier financial future, boasting international expansion and new store openings as early as 2025. Katie Siano, Outdoor Voices' president, will continue in her role, while the company also rehired some employees who were furloughed, taking on the entire existing staff.
When asked about potential leadership changes, Baker characterized Outdoor Voices as an "unbroken brand" facing a "broken business," emphasizing it's an entirely different challenge to fix. Previously, the brand had encountered hurdles, with founder Tyler Haney's resignation in 2020 and a series of financing issues that led to rumors about a possible bankruptcy. But Consortium Brand Partners sees potential for immense growth and global expansion at Outdoor Voices.
Bootstrapping, 'No Overpaying,' and Brick-and-Mortar Love
The acquisition came about following a conversation between Consortium Brand Partners and a banker who was restructuring options for Outdoor Voices. In Baker's opinion, retail brands with fleets of underperforming stores and excessive debt will likely struggle without conglomerates like LVMH or Kering to absorb the losses. However, for smaller brands like Outdoor Voices, every store needs to function as a profit center.
Given the dramatic closure of its stores, Outdoor Voices had lost much of its community hub, a critical aspect of the brand's identity. Baker expressed excitement about rebuilding this special retail environment as the new owners work to engage with the customer base and reconnect with its enthusiasts.
Expansion Prospects: From Swimwear to International Markets
Consortium Brand Partners sees major product category expansion opportunities for Outdoor Voices, including swimwear, outerwear, fitness equipment, children's, and accessories. Some of these expansions could launch as early as the holiday quarter this year, with many more on the horizon for 2023.
International interest, particularly in South America and Asia, is also stirring Outdoor Voices' desire to explore growth beyond its current footprint. The potential expansion may take place through local retailers and distributors, rather than relying solely on the brand's website.
However, before setting foot in foreign markets, Consortium Brand Partners will focus on reengaging with its customer base. Baker emphasized the importance of ensuring relevant product offerings and effective communication with existing fans, setting the stage for long-term success.
As Consortium Brand Partners' stewardship of Draper James demonstrates, the focus is on understanding the DNA of the brand, assessing which category extensions make sense, and executing them intelligently. Time will tell what the future holds for Outdoor Voices in this new chapter.
Keep connected with Retail Dive for the latest updates on Outdoor Voices' comeback and other retail news.
Enrichment Data:
Here are some general strategies that eco-conscious brands, like Outdoor Voices, might consider for their expansion plans:
- Product Innovation: Introducing new lines that align with sustainability goals, such as using recycled materials, reducing waste, and promoting circular fashion.
- Market Expansion: Entering new geographic markets or strengthening presence in existing markets through both online and offline retail strategies.
- Sustainability Initiatives: Enhancing supply chain transparency, implementing environmentally friendly manufacturing processes, and engaging in community outreach programs to reinforce the brand's commitment to sustainability.
- Outdoor Voices, under Consortium Brand Partners, aims for international expansion, targeting markets in South America and Asia in the coming years.
- Cory Baker, co-founder of Consortium Brand Partners, asserts that every store for retail brands should function as a profit center, and underperforming stores will struggle without conglomerate absorption.
- Consortium Brand Partners' acquisition of Outdoor Voices positions the brand for a healthier financial future, with plans for new store openings as early as 2025.
- The reopened stores are crucial for Outdoor Voices to rebuild its lost community hub, a significant aspect of the brand's identity.
- Katie Siano, the president of Outdoor Voices, will continue in her role, while the company also rehired some furloughed employees to take on the entire existing staff.
- Consortium Brand Partners sees potential for immense growth and global expansion at Outdoor Voices, envisioning category expansions into swimwear, outerwear, fitness equipment, children’s, and accessories.
- The brand's product offerings will undergo careful evaluation to determine relevant product extensions, mirroring Consortium Brand Partners' approach with Draper James.
- Effective communication with customers is essential for Outdoor Voices' success, according to Consortium Brand Partners, to set the stage for long-term growth.
- Eco-conscious brands can innovate by introducing new lines that align with sustainability goals like using recycled materials, reducing waste, and promoting circular fashion.
- In addition to online retail strategies, Outdoor Voices may also explore growth through local retailers and distributors in foreign markets.
- With the growing emphasis on sustainability, brands should consider strengthening their supply chain transparency and implementing environmentally friendly manufacturing processes to reinforce their commitment.
- As Outdoor Voices navigates its new chapter, Consortium Brand Partners will continue to focus on understanding the brand's DNA, executing category extensions intelligently, and fostering community outreach programs for a more sustainable future.
