Business
DBGI Announces Record 766% Increase in E-Commerce Revenues for January and February
AUSTIN, March 7, 2022 /PRNewswire/ -- Digital Brands Group, Inc. ("DBGI") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands,
About this update from Digital Brands Group, Inc.
[{"type":"text","content":"AUSTIN, March 7, 2022 /PRNewswire/ -- Digital Brands Group, Inc. (\"DBGI\") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announces that e-commerce revenue growth increased a record-setting 776% year-over-year for the months of January and February. \nHil Davis, Chief Executive Officer of Digital Brands Group, stated that \"this e-commerce result is well above our plan, and illustrates the power of our portfolio model. We continue to experience accelerating e-commerce growth as our customer acquisition channels become more targeted with higher conversion rates and higher average spend.\"\nDavis continued, \"In addition, our wholesale channel continues to significantly outperform plan, with a 200%+ increase year-over year in January and February. We are experiencing incredible leverage and results as we cross merchandise our current brands to the customer lists of the newly acquired brands, and vice versa. We believe that as we add more acquisitions into our portfolio these results should only accelerate, which will drive shareholder value in the short and long term.\"\nForward-looking StatementsCertain 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, objectives, projections and expectations relating to DBG's operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. DBG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncerta...