Palm Beach, FL – May 4, 2023 – FinancialNewsMedia.com News Commentary: The global e-commerce market has shown substantial growth in the past years and is projected to continue for the next several years. Grandview Research projected that the global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027. It said: “Increasing penetration of the internet is bolstering the smartphone-using population across the world. Digital content, travel and leisure, financial services, and e-tailing among others constitute a variety of e-commerce options available to the internet accessing customer base that is gaining momentum with increased internet usage. Hence, technological awareness among customers is expected to have a positive impact on market growth.” Another industry report was also very optimistic. Skyquest projected that the Global E-Commerce Market is poised to grow from USD 26673.64 billion in 2022 to USD 62415.2 billion by 2030, growing at a CAGR of 11% in the forecast period (2023-2030). It added: “The E-commerce market is growing mainly due to the factors such as rising penetration of smartphones and internet, increasing use of social media for promoting E-commerce sites and the introduction of new payment methods. E-commerce helps firm conduct business without the need for physical infrastructure thereby reducing the capital requirements of the company. Online e-commerce portal provides the consumers with a hassle-free shopping experience while including a wide variety of items to choose from.” Active companies in the markets this week include: Digital Brands Group, Inc. (NASDAQ: DBGI), Solo Brands, Inc (NYSE: DTC), a.k.a. Brands Holding Corp. (NYSE: AKA), Warby Parker Inc. (NYSE: WRBY), Allbirds, Inc. (NASDAQ: BIRD).
Skyquest continued: “Growing number of small and medium-sized businesses is also expected to drive up demand over the forecast period. Small and medium-sized businesses are expanding rapidly, particularly in India, South Africa, and Russia. Initiatives such as Make in India and Start-up India have increased the number of start-ups in the country that use the online marketplace for business, thereby driving E-Commerce market growth. Furthermore, rising consumer wealth is expected to drive E-Commerce market growth over the forecast period.”
Digital Brands Group, Inc. (NASDAQ: DBGI) BREAKING NEWS: DBGI Announces an Increase of 46.5% for Preliminary Revenue Results for First Quarter Fiscal 2023 – Digital Brands Group, Inc. (“DBGI”), a curated collection of luxury lifestyle, digital-first brands, today announced that it expects first quarter fiscal 2023 revenues to be approximately $5.0 million, an increase of 46.5%.
Hil Davis, Chief Executive Officer of Digital Brands Group, stated that “Our 2023 first quarter reflected the strategic decision to lower advertising spend as we onboarded a performance marketing agency, which resulted in two months of significantly lower e-commerce revenues. However, since the performance marketing began, we have seen our monthly e-commerce revenue double from January levels. The increase in our e-commerce revenues associated with the new performance marketing agency will be even more fully reflected in our second quarter revenues, but we are pleased that we are already seeing a meaningful change in our e-commerce results since the agency began.”
Davis continued, “Our first quarter results will also include the results of our Sundry acquisition. As we stated on our State of the Union and fourth quarter earnings call, we will see significant leverage on our fixed operating costs, as well as a clear path to free cash flow and profitability in the third quarter.” CONTINUED… Read this and more news for Digital Brands Group at: https://www.digitalbrandsgroup.co/news
In other market news of interest:
Solo Brands, Inc (NYSE: DTC), an omni-channel platform of beloved brands Solo Stove, Chubbies, Oru Kayak, and ISLE, recently announced that it plans to report its first quarter fiscal 2023 financial results today, on Thursday, May 4, 2023, before the market opens. DTC will host a conference call at 8:30 a.m. ET to discuss its financial results.
Investors and analysts who wish to participate in the call are invited to dial +1 833 470 1428 (international callers, please dial +1 404 975 4839) approximately 10 minutes prior to the start of the call. Please reference Conference ID 151331 when prompted. A live webcast of the conference call will be available in the investor relations section of DTC’s website, https://investors.solobrands.com.
a.k.a. Brands Holding Corp. (NYSE: AKA) recently announced preliminary unaudited financial results for the first quarter ended March 31, 2023. The Company also announced that it plans to release its first quarter results after the market close on Wednesday, May 10, 2023.
For the first quarter of 2023 the Company expects to report: Net sales of approximately $120 million, exceeding the high end of its previously provided outlook of between $113 million and $116 million; Net loss of approximately $9.7 million to $9.6 million, within management’s expectations; and Adjusted EBITDA1 of approximately $2.0 million to $2.2 million, exceeding the high end of its previously provided outlook of between $1.5 million and $1.8 million.
“I’m proud of our solid performance in the first quarter of 2023, which exceeded our expectations on both the top line and on an Adjusted EBITDA basis,” said Ciaran Long, Interim Chief Executive Officer and Chief Financial Officer of a.k.a. Brands. “I’m pleased with the strength of our brands and our disciplined execution during the quarter. We remain laser-focused on balancing growth and profitability, and we are confident that our growth strategies, flexible operating model and talented teams will drive profitable growth.”
Warby Parker Inc. (NYSE: WRBY), a direct-to-consumer lifestyle brand focused on vision for all, recently published its 2022 Impact Report. In the spirit of three of its core values (Do good, Set ambitious goals and measure results, and Learn. Grow. Repeat), Warby Parker tracks and annually reports its impact on stakeholders following the Global Reporting Initiative (GRI) framework. Using these guidelines, Warby Parker is able to examine where it is as a company today and envision where it wants to be in the future.
The GRI is one of the most widely recognized sets of global sustainability reporting guidelines that helps organizations understand, communicate, and compare their impact on key sustainability topics. Warby Parker also releases a Sustainability Accounting Standards Board (SASB) summary and aligns its key areas of sustainability to the United Nations’ Sustainable Development Goals (SDGs) within the Impact Report.
Allbirds, Inc. (NASDAQ: BIRD), a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, recently announced that it spent 2022 working on nothing — and has now published how little it does… when it comes to climate impact, of course.
In the 2022 Flight Status released today, Allbirds revealed its biggest year-over-year reduction in its average product carbon footprint—cutting that figure by 19%, from 8.76 kg CO₂e to 7.12 kg CO₂e. This means that Allbirds is already more than 60% of the way towards its 2025 science-based targets, and on track to reach near zero product carbon emissions by 2030, per its Flight Plan. This reduction is thanks to 27 different initiatives across the business.
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