Shares of Digital Brands Group Inc. (NASDAQ: DBGI) are up 21.45% at $0.0889 in premarket trading on Thursday as the business prepares to split its stock.
When will the stock split take place?
Following a shareholder vote on October 13, 2022, Digital Brands (DBGI) has announced a one-for-one hundred (1:100) reverse split of its common stock. On a split-adjusted basis, DBGI shares will start trading on the Nasdaq Capital Market on November 4, 2022.
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DBGI expanded quickly
Since its introduction on Sunday, October 23, 2022, the new multi-brand website of Digital Brands has experienced a rise in e-commerce revenue of 462%. The website (www.bailey44.com) provides clients with one location through which they can purchase DBGI’s women’s items, as opposed to having to browse each brand’s dedicated websites separately. The site sells products across DBG’s women’s brands, including Bailey 44, Stateside, and dstld.
Since the introduction of the multi-brand website, DBGI has observed good customer behavior and exponential growth in a number of key e-commerce measures, including a 462% rise in e-commerce revenues; the average order value rose from $205 to $280, a 36.5% increase; customers bought items from many brands in one order, confirming our theory that they desire to acquire looks and fashions from various companies; and there was no decrease in the income from each brand’s specific website, indicating that these transactions were added to those made on those websites.
Customers were creating looks and trends utilizing items from several companies while placing orders on the DBGI website. This just strengthens DBGI’s conviction that it is creating a substantial and scalable platform that ought to get bigger and more profitable for users as additional businesses are added to its portfolio and website.
DBGI has been able to lower its overall advertising expenditure by concentrating its advertising resources on the new multi-brand website and slowing down spending on specialized brand websites. Due to this, DBGI was able to boost its advertising ROI while also raising sales and customer repeat purchases.
How does DBGI assess that growth?
The expansion demonstrates the strength of the company’s original concept and business strategy and lays a solid basis on which Digital Brands (DBGI) may add new brands as it adds them to its portfolio, like Sundry. Additionally, since the client can now buy in one site and create the looks and designs they desire across our many brands, this should result in a noticeable boost in sales and customer retention for DBGI.