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DBG acquires women’s lifestyle brand Sundry

Editorial Board by Editorial Board
January 2, 2023
in Lifestyle
Reading Time: 2 mins read
0


Digital Brands Group is an American-based clothing retailer. Credit: Lucas Hoang on Unsplash.

US-based apparel retailer Digital Brands Group (DBG) has completed the acquisition of women’s lifestyle brand Sundry.

The deal was first announced in January 2022, but later in October the acquisition agreement was revised for less cash and equity to close the transaction.

Pursuant to the revised agreement, the holders of various member interests agreed to exchange interests for $7.5 million in cash, $1 million in equity valued at the issue price and (iii) $5.5 million in debt to the sellers.

DBG CEO Hil Davis said: “The acquisition of Sundry is expected to bring significant revenue scale and operating leverage. We believe that adding Sundry to our Bailey Shop, which is our multi-brand e-commerce www.bailey44.com, will bring income immediately.

“Furthermore, we are also excited about the great opportunity to expand the Sundry brand into other verticals.

“We believe the opportunity to cross-merchandise Sundry and its customers with our other brands, add additional product categories and leverage synergies to reduce expenses will be appreciated.”

With the completion of the deal, Sundry has become a wholly owned subsidiary of DBG.

Last November, DBG reported revenue of $3.4 million for the third quarter of fiscal year 2022 (FY22), up 58.3% from $2.2 million in the same period last year. previous year (FY21).

The company’s sales and marketing expenses during the quarter represented 35.8% of its revenue.

Its gross profit margin for the three months to September 30 was 48.3%, down 7.6% from the third quarter of 2021. DBG posted a $2.6 million loss from operations during the third quarter of 2022 compared to $7.9 million a year earlier, representing a drop of $5.3 million over the year.





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