Digital Brands Group offer a wide variety of apparel on a both direct-to-consumer and wholesale basis. Credit: Hulki Okan Tabak from Pixabay.

The board of directors of Digital Brands Group has unanimously decided to start a formal review to explore strategic alternatives to maximise shareholder value.

Headquartered in California, US, Digital Brands Group is a curated collection of luxury lifestyle, digital-first brands, offering a variety of apparel through direct-to-consumer and wholesale basis.

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The company will immediately initiate a comprehensive review and evaluate a diverse range of options.

No specific deadline or definitive timetable for the completion of this process is provided.

As of now, the outcome of this process is also not certain.

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Digital Brands Group said that it will not make further announcements on the process unless appropriate and necessary.

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Digital Brands Group CEO Hil Davis said: “Given the continued dislocation between Digital Brand Group’s public market value and the intrinsic value of Digital Brands Group’s underlying assets, we believe an evaluation of strategic alternatives is a prudent approach to ensure we are maximising value for our shareholders.”

In its second quarter (Q2) fiscal 2023, the company registered net revenues of $4.5m, an increase of 69.6% compared to $2.6m in the same period a year ago.

Net income attributable to common stockholders was $5.0m in Q2 FY23, and its earnings per diluted share were $0.38 against a loss per share of $26.47.

Earlier this year, the company received a notice from the Nasdaq Stock Market for lack of compliance that could result in the brand’s securities being delisted.