Outdoor Voice Completed 9 Million Financing
OutdoorVoice, the sports and leisure brand that wants to compete with Lululemon, recently completed a $9 million financing.
This round of financing was led by Mickey Drexler, along with several strategic partners including Walter Robb (a former joint CEO of Total Foods) and the leading manufacturer of OutdoorVoice. As part of the agreement, Drexler will take over as executive chairman of the board.
OutdoorVoice started in 2014 and specializes in fitness and casual clothing. In addition to individual items, different products are “packaged†into packages for sale. Although the company has a retail outlet in New York, most of the business is achieved through online sales.
Previous investors include General Catalyst, Forerunner Ventures, Collaborative Fund, and 14W. This brings OutdoorVoice's total financing to $22.5 million.
Tyler Haney, founder and CEO of OutdoorVoice, told TechCrunch that their online business revenue has reached 70%, while the retail store is acting as a brand builder and eventually leads customers to online sales.
Hani said that by the end of this year, OutdoorVoice will have seven stores across the United States.
Initially, OutdoorVoice's physical strategy was focused on the Flash Store, with the aim of giving customers the opportunity to see and feel the physical goods.
"We used to call them Flash Stores, but we didn't actually shut down any of them," said Hani. "We decided to make the Flash Store a permanent strategy."
Hani also revealed that 79% of the products are currently for women, but they are working hard to establish a new partnership to look forward to greater promotion of men's clothing in the fall. However, she said she would not disclose which companies to work with.
The financing funds will be used first for the growth of online business, while teams will be set up to support this business, purchase more inventory, and add new retail stores.
When asked if he would consider selling OutdoorVoice to Lululemon to double the valuation, Hani expressed disdain.
"Of course not!" she said. "We are building the next great sportswear brand and we want to take a place."
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