Yahoo Finance Outdoor Voices Has a New Owner
Less than three months after shuttering all of its stores, Outdoor Voices has been acquired by Consortium Brand Partners (CBP) for an undisclosed sum, the investment managing firm announced Monday.
The athleticwear brand, launched with a digital direct-to-consumer model in 2013 by Tyler Haney, has been riding a downturn over the last few years after a series of unfortunate events circa 2020: Haney's exit, a tanked valuation and increased executive turnover. It abruptly closed all 16 of its U.S. storefronts in March, signaling operating woes. CBP hopes to turn things around, driven by the brand's strong DNA and opportunity for growth, per Founding Partner Cory Baker.
"When we come into a brand, the first thing we do is start putting money and attention back into product and marketing," he says, noting that companies undergoing financial difficulties almost always make cuts in these areas, despite being "the most important layers to building the foundation of everything else."
The consortium plans to re-establish Outdoor Voices' brick-and-mortar presence, as well as expand distribution to international markets including Europe and Asia. Baker also teased collaborations and "category extensions."
Though Haney is no longer involved in Outdoor Voices, a press release announcing the acquisition made repeated mention of her founding vision for the business, confirming that "CBP will focus on preserving and amplifying the three core pillars upon which Tyler Haney built OV: People, Planet and Product."
"This was a business that had been challenged because they had a significant debt load, and they had retail stores that were holding them back. Some stores were just not profitable. Prior leadership made some difficult decisions in order to do what was best for the business, but we're in a situation now where we've been able to acquire the assets and focus on the future," Baker says. There isn't a CEO in place at the moment, though Katie Siano is continuing in her role as president.
This is CBP's second acquisition, following its September 2023 purchase of a majority stake in Reese Witherspoon's brand, Draper James. Baker says the investment firm — co-led by Michael DeVirgilio and Jonathan Greller — focuses on brands that "matter to the consumer" and have built "loyalty over the years," which is why they're excited about what's ahead for the outdoor enthusiast label.
