On the wires: 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.
Hil 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.”
Davis 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.”