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Store forecasted to generate over $1.5 million in annual revenue and $500,000 in annual cash flow
AUSTIN, Texas, Feb. 27, 2024 /PRNewswire/ -- Digital Brands Group, Inc. ("DBG") (NASDAQ:DBGI), a curated collection of luxury lifestyle, digital-first brands, today announces plans to open its first retail store in the first half of April at the Simon Premium Outlet Mall in Allen, Texas, a suburb of Dallas, TX. The Company forecasts the store to generate over $1.5 million in annual revenue and over $500,000 in annual cash flow based on the historical performance of this location, and excess Sundry inventory prior to the acquisition.
DBG will use this store to clear excess inventory at meaningfully higher margins than selling into the off-price channel. Importantly, DBG received a significant amount of excess inventory with its Sundry acquisition. Therefore, there will be little to no additional costs associated with the excess inventory, as this inventory has already been paid for and is sitting in our warehouse. Given this, we expect this store to generate significant annual cash flow of over $500,000 a year.
"We are excited to begin the retail store phase of our growth strategy. We believe the best performing retail brands will have three legs to their growth story: (1) wholesale, (2) e-commerce and (3) retail stores," said Hil Davis, Chief Executive Officer of Digital Brands Group.
Posted In: DBGI
