Digital Brands Group news and archive

Digital Brands Group acquires Open Daily's virtual shopping assets

Digital Brands Group has acquired the assets of Open Daily, a company pioneering virtual shopping solutions that enhance online retail experiences and drive consumer engagement. “With Open Daily’s virtual shopping technology assets, we see an opportunity to enhance digital retail experiences,” said Hil Davis, CEO of Digital Brands Group. “This...

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Digital Brands Group Q3 revenues drop, but losses narrow

For the third quarter ended September 30, 2024, Digital Brands Group (DBG) reported a net revenue of 2.4 million dollars, down from 3.3 million dollars in the year prior. The company cited the dropping of its largest wholesale account as the core driver of this decline, a move that was due to single-digit gross margins and additional expenses....

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Digital Brands Group's Q1 revenues decline

For the first quarter, Digital Brands Group reported net revenues for the quarter declined to 3.6 million dollars negatively impacted by wholesale shipments that slipped from the end of March to the first half of April. “Despite a timing shift in our wholesale shipments, which shifted revenue from the first quarter to the second quarter, we...

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Digital Brands Group manages to reduce full year loss

Full year revenues at Digital Brands Group increased 6.8 percent to 14.9 million dollars excluding revenue from Harper & Jones. Gross margin increased 10.2 percent to 6.5 million dollars and gross profit margins increased to 43.9 percent. Net loss per share reduced to 10.2 million dollars or 20.46 dollars per share. "Despite lower revenue...

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DBG announces plans to open 50 retail stores

Digital Brands Group, Inc. (DBG) has announced plans to open 50 retail stores over the next several years, with the first location slated to open in March. Consisting of a curated collection of luxury lifestyle, digital-first brands, including Sundry, DSTLD, and Harper & Jones, the company aims to fund its retail expansion strategy with its...

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Digital Brands Group forecasts FY24 revenue growth of upto 90 percent

Digital Brands Group has announced its initial 2024 revenue guidance of 27 million dollars to 30 million dollars, an increase of 70 percent to 90 percent against the 2023 revenue expectations. "We are excited to showcase our commitment to shareholder growth in 2024. As part of this commitment, we continue to review strategic alternatives,...

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DBG sets out 2023 revenue, EBITDA guidance

Digital Brands Group (DBG) has revealed its revenue and profit targets for 2023. The group, which operates DSTLD, Ace Studios, Bailey 44, Harper & Jones, and Stateside, said it expects revenue of between 45 million dollars and 50 million dollars for the year. It expects EBITDA to come in at between 2 million dollars and 3 million dollars “due to...

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DBG completes acquisition of womenswear brand Sundry

Digital Brands Group (DBG) has announced the completion of its acquisition of women's lifestyle brand Sundry. DBG chief executive Hil Davis said the acquisition is expected to contribute “significant revenue scale and operating leverage”. He said he is excited about the “large opportunity” to expand the brand into other verticals. “We believe...

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Digital Brands Group posts 58.3 percent Q3 revenue growth

Net Sales at Digital Brands Group were 3.4 million dollars in the third quarter, an increase of 58.3 percent year over year. Gross profit margin was 48.3 percent versus 55.9 percent a year ago, a decrease of 7.6 percent in gross profit margin. "We are pleased to announce that we delivered strong revenue growth and continued operating leverage on...

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One year after its listing, Digital Brands Group is battling bankruptcy

When Digital Brands Group became a listed company in May 2021, it did not foresee it would be staving off bankruptcy less than one year later. The group, which operates brands DSTLD, ACE Studios, Bailey 44, Harper & Jones and Stateside, raised 10 million dollars at its offering, but today is warning it must raise additional capital to improve...

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Digital Brands Group to buy women's lifestyle brand Sundry

Digital Brands Group (DBG) has signed a definitive agreement to buy women’s lifestyle apparel brand Sundry for an undisclosed sum. The deal is expected to be completed late in the first half of 2022. DBG chief executive Hil Davis described it as a “transformative acquisition” for the group. In the short term, Davis said the acquisition is...

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Digital Brands Group launches UK crowdfunding campaign

Digital Brands Group, the Los Angeles-based curated group of digital-first lifestyle brands, has launched its first ever round of international fundraising with a campaign on UK-based crowdfunding platform, Crowdcube. The fundraising is aimed to secure additional funds to accelerate the group’s continued expansion including plans to establish...