Digital Brands Group

News

announcements + updates

Digital Brands Group Reports Q4 Momentum and Crowdfunding Close Date

Digital Brands Group reports continued strong momentum as it announces UK fundraising round will close in January 2019

LONDON: 18 December 2018: Digital Brands Group (the Group), a curated group of digital-first lifestyle brands, has reported a 55% revenue increase year-on-year over the past 30 days (from second week of November to Friday 14 December 2018).

Mark Lynn, Chairman, stated "This increase is above plan given that we just started landing our upgraded product from our new vendors the second week of November, and that the current product SKUs are limited compared to what we will have in stock starting in mid-January.”

The Group also benefited from a strong Thanksgiving to Cyber Monday sales period which saw revenue increase 107% year-on-year.  This equates to an annual run over the past 30 days of $10.5 million, which is 65% of our 2019 forecasted revenue and 3.3x of its £26,842,755 pre-money valuation.

The Group announced it is closing its UK Crowdcube fundraising round, which has no minimum bar in invest on 18 January  2019. The fundraising is to support the Group in executing its build and buy strategy, with a plan to add additional new fast growing, digitally-native lifestyle and fashion brands to its portfolio. All brands in the Group will have a digital-first focus, in addition to an omni-channel customer experience, which will include showrooms, pop-ups and partnerships with retail brands and department stores. Through its UK Crowdcube fundraising and a Regulation A+ investment round in the USA, the company has raised more than £1,429,190 to date in this current round.

Digital Brands Group’s strategy is to create a portfolio of digital-first lifestyle brands that leverages its technology and marketing platform to drive cost savings and marketing spend.  By forming a shared resources model of curated vertical commerce (v-commerce) labels, Digital Brands Group is able to scale multiple brands under one umbrella and create a business that is exponentially larger than any one single brand. 

The Group currently has two digital first brands in its portfolio – Distilled (DSTLD) and ACE Studios. DSTLD is a rapidly growing, LA based premium brand that offers high quality everyday essentials for men and women and is worn by celebrities such as Sofia Richie and Cara Delavigne. ACE Studios is a luxury performance suiting and sportswear brand which is launching shortly.

Hil Davis, CEO of Digital Brands Group, commented:

“Since improving our supply chain, we have seen a significant increase in revenue and momentum continues to build. The sales we achieved in November was through a limited number of SKUs available to the customer and now with a much-improved supply chain and new product lines dropping faster than ever before, we look forward to the festive period with strong momentum.”

– END –

Hannah Laverty