Active lifestyle brand Prana’s 2023 revenue dropped 21% to $113.6 million as parent company Columbia Sportswear works to find the formula that will return the brand to growth.

Columbia acquired Prana in the summer of 2014 for $190 million in cash. At the time, Prana was expected to generate $100 million in revenue for the full year.

Under Columbia’s ownership, Prana’s revenue hit a high of $157 million in 2018, but since has struggled to find consistent growth, according to SEC filings.

In Q4 of 2023, Prana sales fell 29% to $22.8 million.

As a result of Prana’s struggles, Columbia recorded a $25 million impairment charge related to the brand, which negatively impacted Columbia’s Q4 diluted earnings per share by 31 cents. In Q4 of 2022, Columbia recorded a $35.6 million impairment charge for the Prana brand.

New Prana Leadership – President Tricia L. Shumavon

In July, Columbia named Tricia L. Shumavon president of the Prana brand. Shumavon has extensive experience in the sportswear and apparel industry, including at Adidas, Nike, The Gap and L Brands.

“The Prana team remains focused on repositioning the brand and unlocking its growth potential,” Columbia Sportswear Co. CEO Tim Boyle said during an earnings call last week. “They have made great progress reducing excess inventory and strengthening the brand’s product and marketing strategies for future seasons.”

The good news is Prana is forecasting modest growth for 2024, with most of that improvement coming in the back half of the year, as the brand stabilizes and lays the foundation for growth, Boyle said.