AUSTIN, Texas, June 24, 2021 /PRNewswire/ -- Digital
Brands Group, Inc. ("DBG") (NASDAQ: DBGI), a curated
collection of luxury lifestyle, digital-first brands, announced
today that they are expanding their already expansive e-commerce
ecosystem by launching a select group of brands on Amazon this
Fall.
As the pandemic shifted more shopping online, Amazon overtook
Walmart as the top apparel seller, according to a Wells Fargo
report in March. Wells Fargo
estimates Amazon's apparel and footwear sales in the U.S. grew by
roughly 15% in 2020 to more than $41
billion, which is 20% to 25% above rival Walmart.
According to a 2020 report from VentureBeat, the most popular
shopping categories among Amazon Prime shoppers in the US are
electronics, apparel, and home and kitchen goods. According to
a September 2018 report from Retail
Dive, Amazon product searches for women's clothing had a 42% market
share.
Laura Dowling, DBG's Chief
Marketing Officer, said, "Amazon adds an additional customer
acquisition channel to our marketing strategy. We have reviewed
data from several apparel brands that have leveraged Amazon's
marketplace and we are excited about the opportunity this channel
adds to our customer acquisition and brand awareness."
DBG is excited to be finalizing an agreement with a marketing
services firm that specializes in Amazon advertising, which we
believe will quickly and effectively provide additional brand
awareness and bolster customer acquisition. The Company has a
tactical plan for expansion onto Amazon, with the ultimate goal
being a fully interactive custom DBG store with exclusive content
in the near future.
"Amazon is a juggernaut in the retail industry regardless what
category you are in. It is imperative to any brand to have a
well-designed, high traffic presence on the platform to add to
brand recognition and promote sales both through the platform and
on other channels the bottom line." Said
Laura Dowling. "Our data gives DBG great confidence we can
hit above average conversion rates at a cost for customer
acquisition compared to industry standards, we look forward to
sharing the results of this project in the coming months."
Forward-looking Statements
Certain 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 uncertainties that could
cause the actual results of operations or financial condition of
DBG to differ materially from those expressed or implied by
forward-looking statements include, but are not limited to: risks
arising from the widespread outbreak of an illness or any other
communicable disease, or any other public health crisis, including
the coronavirus (COVID-19) global pandemic; the level of consumer
demand for apparel and accessories; disruption to DBGs distribution
system; the financial strength of DBG's customers; fluctuations in
the price, availability and quality of raw materials and contracted
products; disruption and volatility in the global capital and
credit markets; DBG's response to changing fashion trends, evolving
consumer preferences and changing patterns of consumer behavior;
intense competition from online retailers; manufacturing and
product innovation; increasing pressure on margins; DBG's ability
to implement its business strategy; DBG's ability to grow its
wholesale and direct-to-consumer businesses; retail industry
changes and challenges; DBG's and its vendors' ability to maintain
the strength and security of information technology systems; the
risk that DBG's facilities and systems and those of our third-party
service providers may be vulnerable to and unable to anticipate or
detect data security breaches and data or financial loss; DBG's
ability to properly collect, use, manage and secure consumer and
employee data; stability of DBG's manufacturing facilities and
foreign suppliers; continued use by DBG's suppliers of ethical
business practices; DBG's ability to accurately forecast demand for
products; continuity of members of DBG's management; DBG's ability
to protect trademarks and other intellectual property rights;
possible goodwill and other asset impairment; DBG's ability to
execute and integrate acquisitions; changes in tax laws and
liabilities; legal, regulatory, political and economic risks;
adverse or unexpected weather conditions; DBG's indebtedness and
its ability to obtain financing on favorable terms, if needed,
could prevent DBG from fulfilling its financial obligations; and
climate change and increased focus on sustainability issues. More
information on potential factors that could affect DBG's financial
results is included from time to time in DBG's public reports filed
with the SEC, including DBG's Annual Report on Form 10-K, and
Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished
with the SEC.
About Digital Brands Group
We offer a wide variety of apparel through numerous brands on a
both direct-to-consumer and wholesale basis. We have created a
business model derived from our founding as a digitally
native-first vertical brand. Digital native first brands are brands
founded as e-commerce driven businesses, where online sales
constitute a meaningful percentage of net sales, although they
often subsequently also expand into wholesale or direct retail
channels., Unlike typical e-commerce brands, as a digitally native
vertical brand we control our own distribution, sourcing products
directly from our third-party manufacturers and selling directly to
the end consumer. We focus on owning the customer's "closet share"
by leveraging their data and purchase history to create
personalized targeted content and looks for that specific customer
cohort. We have strategically expanded into an omnichannel brand
offering these styles and content not only on-line but at selected
wholesale and retail storefronts. We believe this approach allows
us opportunities to successfully drive Lifetime Value ("LTV") while
increasing new customer growth.
Digital Brands Group, Inc. Company Contact
Hil Davis, CEO
Email: invest@digitalbrandsgroup.co
Phone: (800) 593-1047
SOURCE Digital Brands Group, Inc.
Related Links
https://www.digitalbrandsgroup.co
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SOURCE Digital Brands Group, Inc.