FOLLOWING the sudden closure of 15 stores in March, Outdoor Voices has secured a new opportunity. Consortium Brand Partners, the owner of Draper James, announced its acquisition of the lifestyle athletics brand, though the financial details remain undisclosed. With this kind of acquisition, there may come a change in leadership - but this may not exactly be the case for the brand, according to a report from Retail Dive .
Tyler Haney, Consortium Brand Partners’ co-founder Cory Baker said that Katie Siano will continue as the president. The brand intends to open new ones in the future, possibly in 2025, in spite of the closure of its 15 stores . Baker mentioned the rehiring of some furloughed employees and the retention of the current staff, per the outlet.
This marks Consortium Brand Partners' second acquisition, following its majority stake acquisition of Draper James in September of the previous year. The company sees prospects for category expansion and global reach with Outdoor Voices . The decision to acquire Outdoor Voices came after a banker involved in restructuring the brand approached Consortium Brand Partners.
Baker emphasized to Retail Dive that the acquisition has put Outdoor Voices in its best financial position yet, with plans for international growth and potential store openings in the upcoming year. He highlighted the importance of profitability, especially for smaller brands like Outdoor Voices, contrasting them with larger conglomerates like LVMH or Kering.