Digital Brands Group, better known as DBG, has signed an agreement to acquire Sundry – a women’s lifestyle apparel brand.
The sum, however, hasn’t been disclosed as yet.
More on the deal, Hil Davis, Chief Executive, DBG, said that the acquisition of Sundry is expected to immediately create significant scale in revenues and internal cash flow for marketing and talent growth in the short term.
In the long term, Hil added that the acquisition will help create brand awareness and customer demand.
The deal is expected to be completed in the first half of 2022.
US-based lifestyle brand Sundry, which was founded in 2011, generated US $ 18.2 million in the first nine months of 2021 at a growth rate of 37.9 per cent. Its net income, during the same period, rose by 11.7 per cent to US $ 2.7 million.
Notably, DBG’s purpose is to develop each of its brands through shared resources that support and market their products.
