Popular fashion retailer makes a last-ditch effort to stay afloat after the company abruptly closed its last 15 stores

AFTER the sudden closure of 15 stores in March, Outdoor Voices has secured a new opportunity.

Consortium Brand Partners, owner of Draper James, announced the acquisition of the lifestyle athleisure brand, although financial details remain undisclosed.

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With this type of acquisition, there may be a change in leadership – but this may not be exactly the case for the brand, according to a report from Diving into Retail.

Tyler Haney, Consortium Brand Partners co-founder Cory Baker said Katie Siano will remain president.

The brand intends to open new ones in the future, possibly in 2025, despite the closure of its 15 stores.

Baker mentioned the rehiring of some furloughed employees and the retention of current staff, according to the vehicle.

This marks Consortium Brand Partners’ second acquisition, following its acquisition of a majority stake in Draper James in September last year.

The company sees prospects for category expansion and global reach with Outdoor Voices.

MAKING THE ACQUISITION

The decision to acquire Outdoor Voices came after a banker involved in the brand’s restructuring approached Consortium Brand Partners.

Baker emphasized to Retail Dive that the acquisition puts Outdoor Voices in its best financial position yet, with plans for international growth and potential store openings next year.

He highlighted the importance of profitability, especially for smaller brands like Outdoor Voices, contrasting them with larger conglomerates like LVMH or Kering.

Despite the challenges facing Outdoor Voices, Consortium Brand Partners sees potential for a turnaround.

Outdoor Voices has opportunities beyond its direct channels, with interest from potential wholesale partners, both domestic and international, according to Baker.

The brand aims to make its products more accessible to customers at various points of sale.

Customers can anticipate Outdoor Voices products in wholesale channels and specialty stores, along with a focus on product development and design.

Baker acknowledged the brand’s past challenges but expressed optimism about its future in the physical and online retail spaces.

WHAT IS THE NEXT

Looking to the near future, Baker highlights significant opportunities to expand Outdoor Voices’ product categories.

Learn more about Draper James

Draper James, a clothing line started by actress Reese Witherspoon in 2015, pays homage to her Southern heritage.

The line seeks to accentuate Witherspoon’s personal style and Southern roots.

It is named after Witherspoon’s grandparents, Dorothea Draper and William James Witherspoon.

On September 6, 2023, the lifestyle brand was acquired by private investment firm Consortium Brand Partners.

CBP acquired a 70% stake in the company, although the amount for which this was done is not disclosed.

This includes swimwear, outerwear, fitness equipment, children’s items and accessories, all areas where Baker believes the brand should have a presence.

While some of these expansions could be seen as early as this year’s holiday season, most are expected to be implemented next year.

Before diving into these ventures, Consortium Brand Partners is focusing on reconnecting with the brand’s customer base.

“Right now, we really want to focus on making sure we have the right product, that we have the right message and that we are talking to the customer again.

“Because I think for a while that conversation got a little quiet for a brand that is known for its outdoor voice,” Baker told the outlet.

“Ensuring we’re giving them the opportunity to see and react to content and to be inspired by products that help move them – that’s a fixed bet, but the real growth will be in thinking about product categories that are adjacent to the core business .”

Over the past year, the company has taken a hard look at Draper James’ customer base and their broader desires beyond women’s apparel, according to Baker.

The brand anticipates significant expansion into adjacent categories such as pet products, swimwear, home decor and crafts over the next six to 12 months.

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