Digital Brands Group has, reportedly, said that it is closer to finalising the deal to buy the clothing brand Sundry.
This follows revision of deal with Sundry wherein cash price was set significantly lower at US $ 5 million – besides US $ 7 million in cash or equity at Sundry’s option and another US $ 20 million in equity.
Earlier the price was US $ 34 million in cash and US $ 7.5 million in stock for Sundry.
The deal is expected to conclude some time in the third quarter of this year.
The Group said that it has received many options for debt financing so as to cover the acquisition.
Reportedly, Sundry’s revenue is currently on the rise and hit US $ 22.8 million in 2021, and the acquisition by Digital Brands would immediately add to its EBITDA when closed.
Digital Brands Group, known for its curated collection of luxury lifestyle, digital-first brands, owns Bailey 44, Ace Studios, DSTLD and the Harper & Jones.