The owner of LA-based direct-to-consumer denim brand DSTLD plans to open a UK showroom and list on London’s junior stock market Aim this year, after smashing through its crowdfunding target at the end of 2018.
DSTLD was established in 2014 by photographer Corey Epstein and entrepreneur Mark Lynn to sell jeans directly to consumers at a lower price than retailers. It is currently available to UK customers through its US website.
Parent company Digital Brands Group also owns Ace Studios, a new luxury men’s suiting and sportswear brand that is set to launch in the US this month.
The firm launched a fundraising campaign on UK-based crowdfunding platform Crowdcube last October, which is running concurrently with a campaign on US platform SeedInvest.
The initial target was £306,770, but the campaigns have so far raised almost £1.6m in return for a 5.49% equity stake, as well as access to exclusive promotions and events. The campaign currently values Digital Brands Group at £26.8m, and is due to end on 18 January.
The funding will be used to build Digital Brands Group’s portfolio globally, and increase its presence in the UK. It plans to boost this with a listing on Aim in the first half of 2019.
The group will open a showroom in the UK and additional distribution capabilities, but could not give further details at this stage.
DSTLD reported $5.9m (£4.7m) in gross revenue during 2017. It expects to double revenues in 2019.
The brand offers premium denim for $75-$95 (£60-£76). T-shirts retail for $25 (£20) and luxury leather starts at $350 (£279).