$DBGI
Completes Acquisition of Sundry
December 30 2022 - 09:00AM
PR Newswire (US)
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AUSTIN, Texas, Dec. 30, 2022 /PRNewswire/ -- Digital Brands Group, Inc. ("we", "us", "DBG"or the "Company") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announces that it has completed its previously announced acquisition of Sundry. As a result of the transaction, Sundry has become a wholly owned subsidiary of DBG.
"The Sundry acquisition is expected to contribute significant revenue scale and operating leverage," said Hil Davis, Chief Executive Officer of DBG. "We believe adding Sundry to our Bailey Shop, which is our multi-brand e-commerce site (www.bailey44.com) will contribute revenue immediately. Additionally, we are also excited about the large opportunity to expand the Sundry brand into other verticals. We believe that the opportunity to cross merchandise Sundry and their customers to our other brands, add additional product categories and leverage synergies to reduce expenses will be accretive."
The Company will provide annual revenue and earnings guidance in January that will include the revenue and earnings contribution from Sundry.
