Business
DBG Announces Launch of AVO, A New Direct-To-Consumer Brand, After Successful Beta Test
Austin, TX, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Digital Brands Group, Inc. (“DBG”) (NASDAQ: DBGI), a curated collection of luxury lifestyle brands, today
About this update from Digital Brands Group, Inc.
[{"type":"text","content":"Austin, TX, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Digital Brands Group, Inc. (“DBG”) (NASDAQ: DBGI), a curated collection of luxury lifestyle brands, today announces the launch of AVO a new direct-to-consumer (DTC) brand (https://shopavo.la/). As other premium brands have increased retail prices due to inflation, the Company believes an opportunity has opened to deliver premium apparel at lower prices by pursuing a DTC model that also provides significant discounts for bundling multiple products. This new model creates a value proposition in the premium segment, similar to how fast fashion created a value proposition in the mass market segment. AVO was created to take advantage of this new opportunity. This market opportunity sits between the price points of fast fashion and other premium apparel. Our high-quality garments are handmade in Los Angeles using premium fabrics and quality craftsmanship, and then sold at price points that are closer to fast fashion prices. In short, quality does not have to be expensive. AVO is a women’s apparel brand whose premise is “You shouldn’t have to choose between affordability and quality, and with AVO, you don’t”. AVO launched with premium fabric t-shirts, and we plan to feature monthly product drops and expand into additional top and bottom categories. “Our beta test sell-through results, which included selling in a retail store, suggests a very compelling product market fit and strong customer excitement. We believe the total addressable market of this opportunity is significant, especially when you look at how other value driven brands have performed,” said Hil Davis, Chief Executive Officer of Digital Brands Group. Forward-looking Statements Certain statements included in this release are \"forward-looking statements\" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting DBG and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding DBG’s plans, obje...