Latest Digital Brands Group News
Jan 21, 2022
Image: Sundry, Facebook Digital Brands Group (DBG) has signed a definitive agreement to buy women’s lifestyle apparel brand Sundry for an undisclosed sum. The deal is expected to be completed late in the first half of 2022. DBG chief executive Hil Davis described it as a “transformative acquisition” for the group. In the short term, Davis said the acquisition is expected to “immediately create significant scale in revenues and internal cash flow for marketing and talent growth”, while in the long term, it will “drive more brand awareness and customer demand, which in turn should fuel our future growth across our platform, brands and customers”. Sundry was founded in 2011 by Mattieu Leblan, and is influenced by ocean lifestyle, drawing inspiration from the French Mediterranean and South California’s Venice Beach. The LA-headquartered company generated 18.2 million dollars in revenues in the first nine months of 2021, an increase of 37.9 percent from the previous year. Its net income in the same period came in at 2.7 million dollars, up 11.7 percent on the prior year. For the 2020 fiscal year, the company generated 19.9 million dollars in revenue and 3.7 million dollars in net income.