Activewear brand Outdoor Voices Inc. is exploring options including a potential sale, according to people with knowledge of the matter.The closely held company is working with an adviser to study possibilities that also include raising new financing, said the people, who asked to not be identified discussing private information. Deliberations are at early stage and Outdoor Voices could decide against a transaction, the people said.A representative for Austin-based Outdoor Voices didn’t immediately respond to a request for comment.Activewear sales boomed during the Covid-19 pandemic as work from home became the norm. Lululemon Athletica Inc. shares have risen about 46% since the start of March 2020, while Vuori was valued at $4 billion in an October 2021 funding round.Recession worries and a potential decline in discretionary spending have dampened valuations of public and private companies. SoftBank Group Corp., the lead investor in Vuori’s latest fundraising through its second Vision Fund, reported a record $23.4 billion loss this month.Outdoor Voices, started in 2013, is led by CEO Gabrielle Conforti, the former Urban Outfitters Inc. president, following a feud that led to the ouster of founder Tyler Haney. The company’s backers include venture capital firms GV, General Catalyst and impact investing firm NaHCO3.By Crystal Tse, Gillian TanLearn more:Inside the Outdoor Voices SagaExisting investors, including General Catalyst, have provided a lifeline for the activewear label, which continues to lose money on customer acquisition as it struggles to broaden its audience.