Business
DBG Announces $37.5M to $42.5M for 2022 Revenue Guidance, an increase of 350% from 2021
AUSTIN, Texas, Sept. 28, 2021 /PRNewswire/ -- Digital Brands Group, Inc. ("DBG") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first
About this update from Digital Brands Group, Inc.
[{"type":"text","content":"AUSTIN, Texas, Sept. 28, 2021 /PRNewswire/ -- Digital Brands Group, Inc. (\"DBG\") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announces its initial 2022 revenue guidance of $37.5 million to $42.5 million, an increase of 350% from 2021 revenue expectations. Additionally, the Company forecasts positive EBITDA for 2022, as it leverages its shared services platform\n\"Our 2022 revenue guidance reflects the power of our brand portfolio, especially as we are able to benefit from the full year revenue contribution from our acquisitions in 2022,\" said Hil Davis, Chief Executive Officer of Digital Brands Group. \n\"This forecasted increase of 350% in our year over revenue growth does not reflect any potential additional acquisitions, nor does it reflect any meaningful benefit from our expected increase in marketing spend.\" \n\"Additionally, we expect to achieve cash flow EBITDA in 2022 due to the leverage we are experiencing from our shared services platform. We are excited about the cost savings we are experiencing from this shared services platform, especially as it relates to revenue generating marketing initiatives.\"\nOur forecasted increase in 2022 revenues is driven by the following factors:\nFor DSTLD: The addition of wholesale revenue with limited key accounts for brand awareness; A meaningful increase in digital marketing advertising, which was minimal in 2021; A full year of selling on Amazon; A full inventory stock for the entire year; And new product expansion driven by our recently hired women's designerFor Bailey 44: A full year of wholesale revenue versus six months in 2021; A meaningful increase in digital marketing advertising, which was minimal in 2021; And a full inventory stock for the entire year.For Harper & Jones: A full year of revenue contribution versus approximately seven months in 2021; New showroom openings; The full year benefit of new clothiers who started in the second half of 2021; And a meaningfully larger ready to wear offering versus 2021.For Stateside: A full year of revenue contribution versus four months in 2021; New product categories in women's knits and woven tops; A meaningful increase in digital marketing advertising, which was minimal in 2021. Finally, as we discussed in our S-1, we expect to continue to grow through acquisitions and expect to cont...