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      Digital Brands Group Inc. (DBGI) stock surged in the current trading session; here’s why - Stocks Telegraph

      By ST Staff

      Published on

      June 24, 2021

      4:08 PM UTC

      Digital Brands Group Inc. (DBGI) stock surged in the current trading session; here’s why - Stocks Telegraph

      In the current trading session, Digital Brands Group Inc. (DBGI) shares had surged by 49.88% to trade at the price of $6.13 at the last check. DBGI stock previously closed the session at $4.09. The DBGI stock volume traded 30.99 million shares. In the past week, DBGI stock have moved up by 21.01%. Furthermore, Digital Brands Group Inc. is currently valued in the market at $42.92 million and has 10.49 million outstanding shares.

      About Digital Brands Group Inc.

      Digital Brands Group Inc. is an Apparel-retail company that specifically focuses on the provision of apparel that belong to various brands. The companies sale channel consist of DTC (Direct-to-consumer) and wholesale basis. DBGI is a digitally native vertical brand and has a network of third-party manufacturers that assist in the procurement and sourcing of clothes which are then directly sold through their e-commerce website to the end consumers. The company also sells to specialty stores, specific department stores and franchises in a wholesale bundle. The diverse product offering on the company includes denims, luxury suits, and women’s tops, dresses, bottoms, jackets, and rompers. All of these product offerings are listed and sold under branded names like DSTLD, ACE Studios, and Bailey brand. The company was previously named Denim.LA Inc. and was founded in 2012. DBGI stock’s headquarter is established in Austin, Texas.

      DBGI expanding its business through third party ecommerce platforms and acqusitions

      The pandemic has shifted the businesses and retail product consumption towards online shopping on ecommerce platforms and with the recovery of the economy along with the rolling of vaccinations consumers are making bold consumption decisions and demands. This is the ideal time for retail companies to expand and grow their e-commerce business.

      Digital Brands Group has taken a page from this strategy and taken to Amazon to expand their online business. DBGI stock announced today that it will allow select brands to be sold onto the platform of Amazon from this fall. The platform of Amazon is an ideal opportunity for expansion since according to a Wells Fargo report Amazon has taken the throne from Walmart as the top apparel seller in March. The sales of apparel and footwear incremented by 15% in 2020 and is 20%-25% above rival Walmart valued at $41 billion.

      DBGI stock had previously announced that it had entered into a non-binding agreement with an elevated basics brand known as stateside. The company had announced on 15th June 2021, that intends to enter a binding agreement within 30 days for acquisition which will be done through a transaction of cash and equity to Stateside. The main strategy for this acquisition is to fortify their vision of expansion since their IPO for growing brand portfolios.

      Stateside is a Los Angeles-based company that has already a well-established network of local manufacturing through the community of Los Angeles. DBGI stock’s aim was to expand into an omnichannel and create its own channel of distribution as well as manufacturing.

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