Investment firm Consortium Brand Partners announced on Monday that it acquired athleisure brand Outdoor Voices on May 15 for an undisclosed sum.
The acquisition comes three months after Sourcing Journal reported that the 10-year-old activewear start-up was planning to file for bankruptcy. Once a hit among Millennials for its colourful athleisure in its signature geometric patterns, the brand eventually struggled to grow profitably. Entrepreneur Ashley Merrill acquired a majority stake in Outdoor Voices after founder Tyler Haney exited in 2020, and bailed the company out in 2022 with the intention of restructuring the business to achieve profitability.
But under Merrillâs direction, Outdoor Voicesâ troubles persisted. In March, the brand closed all of its 16 retail stores to focus solely on its e-commerce business, firing most of its corporate staff and missing vendor and rent payments, according to the Sourcing Journal report.
Consortium Brand Partners, which bought a majority stake in Reese Witherspoonâs clothing brand Draper James last September, has cleared all of Outdoor Voicesâ debt, and Merrill has left the business, said Jonathan Greller, Consortium Brand Partnersâ co-founder and president. Under the helm of president Katie Siano, who joined the company in 2021, Outdoor Voices is embarking on a multi-year turnaround plan that will include adding footwear, loungewear and swimwear to its assortment, ramping up retail partnerships and investing in events, Greller added.
âWeâre about building organic growth,â Greller said. âWeâre in no rush to acquire a brand and push it out.â
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Report: Outdoor Voicesâ Former Employees Say Bankruptcy Is Imminent
The embattled athleisure brand has mounting cash problems, Sourcing Journal says.
