Business
DBGI Announces Record E-Commerce Revenue Growth Year-Over-Year
AUSTIN, Texas, Oct. 21, 2021 /PRNewswire/ -- Digital Brands Group, Inc. ("DBGI") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first
About this update from Digital Brands Group, Inc.
[{"type":"text","content":"AUSTIN, Texas, Oct. 21, 2021 /PRNewswire/ -- Digital Brands Group, Inc. (\"DBGI\") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announces record e-commerce revenue growth year-over-year as DBGI turned on digital advertising for Bailey 44 and DSTLD the first time in over eighteen months.\nBailey's 44 experienced a 376% increase in e-commerce revenue year-over-year since September 27th, when Bailey 44 started its advertising plan. This 376% increase was driven by approximately $20,000 in digital advertising spend. We expect to spend over $200,000 in digital advertising spend through the end of the year versus $0 in the year ago period.\nDSTLD experienced a 52% increase in e-commerce revenue year-over-year on $8,000 in digital advertising spend since October 10th, when DSLTD started its advertising plan. DSTLD also experienced a 24% increase in its average order volume and a 76% increase in new customers. We expect to spend over $300,000 in digital advertising spend through the end of the year versus $0 in the year ago period.\n\"We have to warm up the digital advertising channels to build the upper funnel campaigns and capture the behavioral lost with the lack of activity over the last eighteen months,\" said Laura Dowling, Chief Marketing Officer of Digital Brands Group. \n\"We expect to see a significant ROI and an increase in our year-over-year revenue on our digital advertising spend as we transition from the warm-up phase to our knowledge and targeted phase, especially as we move into 2022 and spend millions in digital advertising spend across all our brands.\"\nHil Davis, Chief Executive Officer of Digital Brands Group, stated that \"we are excited to finally move into our growth phase, and believe this shows the power of our platform and the growth opportunity for 2022 and beyond. In fact, our 2022 revenue guidance does not reflect the ROI and revenue increase we are currently experiencing on our digital advertising spend.\"\nFinally, as we discussed in our S-1, we expect to continue to grow through acquisitions and expect to continue to acquire companies this year, most of which will require GAAP PCAOB audits. These audits take time, which results in a delayed acquisition timeframe weighted toward the back three to four months of 2021.\nForward-looking Statements\nCertain statements...