Digital Brands Group launches U.K. crowdfunding round, adds Ace Studios to portfolio
Digital-first multi-brand company Digital Brands Group (DBG) is conducting its first ever round of international crowdfunding via the U.K.-based platform Crowdcube. The campaign will continue to run for the next 26 days.
The Los Angeles-based company said that it plans to use the funds raised during this crowdfunding campaign to accelerate its continued expansion, which includes plans to launch its flagship brand DSTLD (distilled) in the United Kingdom. With just under a month left to go, the campaign has already exceeded the company's stated goal of £307,000.
Launched in 2014, the company's DSTLD label offers a range of denim and has been seen on celebrities like Victoria's Secret Angel Alessandra Ambrosio and model Cara Delevingne. According to a press release, the brand has earned over $17 million in sales revenue in the U.S. and online, a level of success DBG hopes to duplicate with a greater overseas presence.
“The fundraising not only supports our long term brand awareness strategy here in the UK, with DSTLD due to land in the UK in 2019," said Hil Davis, DBG CEO. "It also provides the UK public and investors with an exciting opportunity to be part of our growth story.”
DBG went on to announce that it will be adding sportswear brand Ace Studios to its brand portfolio this December.
This marks the company's second major round of fundraising since October, when DBG announced it had raised over $1 million via crowdfunding platform SeedInvest.
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