Digital Brands Group, Inc. (“we”, “us”, “DBG” or the “Company”) (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, announced today that its new multi-brand website has seen a 462% increase in e-commerce revenue since its launch on Sunday, October 23, 2022.
The site offers products across DBG’s women’s brands -Bailey 44, Stateside, and dstld – providing our customers a single destination through which they can purchase our women’s products, rather than having to shop each brand’s dedicated websites separately.
Since the launch of the multi-brand website, we have experienced exponential increases across important e-commerce metrics and seen positive consumer behavior including:
- 462% increase in E-commerce revenues;
- 36.5% increase in average order value to $280 per order from $205;
- Customers purchased multiple brands in one order, supporting our belief that the customer wants to buy looks and styles across multiple brands; and
- No decline in the revenues from each brand’s dedicated website, suggesting that these transactions were incremental to transactions through these dedicated websites.
We are extremely excited to see that customers were building outfits and styles using products from multiple brands in their orders. This only deepens our belief that we are building a large and scalable platform that should become more rewarding and engaging for customers as we add more brands to our portfolio and website,” said Laura Dowling, DBG’s Chief Marketing Officer.
Dowling added, “By focusing our advertising dollars on the new multi-brand site and slowing spend on the dedicated brand websites, we’ve been able to reduce our total advertising spend. This allows us to drive higher return on our advertising dollars while increasing both our revenues and customer lifetime value.”Hil Davis, DBG’s Chief Executive Officer, stated “We believe this shows the power of our initial vision and business model, and sets a strong foundation to which we can add additional brands, like Sundry, as we bring them into our portfolio. Additionally, this should drive a meaningful increase in revenues and customer retention as the customer can now shop in one location and build the looks and styles they want across our different brands.”News Source: Yahoo Finance