Urban Outfitters (Philadelphia) is bidding to purchase Australian activewear retailer Lorna Jane. Lorna Jane, with 23 stores in California and 160 internationally, was founded by former fitness instructor Lorna Jane Clarkson in 1990. For Urban Outfitters, the acquisition would provide a vehicle to compete with growing brands and retailers Lululemon, Under Armour, Gap Inc.’s Athleta and Nike, all of which have experienced growth in recent years.
Urban Outfitter’s portfolio currently includes Anthropologie, Free People, BHLDN and Terrain. Last year, ceo Richard Hayne told investors, “We have discussed our intention to continue to expand product choices and categories and to enter adjacent businesses. By doing so, we look to attract new customers and expand the share of wallet each brand captures with existing customers,” according to Women’s Wear Daily. “We will accomplish this expansion through a combination of internal development and external relationships.”