Outdoor Voices (Restructured)

Outdoor Voices raised $110M to be 'the next great activewear brand' but couldn't achieve profitability as marketing costs exceeded gross profit. Founder Tyler Haney was pushed out in 2020, and the company survived through drastic cuts. The brand story—'doing things'—resonated with consumers but not with unit economics. Like an organism that invests in mating displays while neglecting sustenance, Outdoor Voices prioritized brand over business.