Digital Brands Group, Inc. (NasdaqCM:DBGI) announced the board of directors has unanimously decided to initiate a formal review to explore strategic alternatives for the company. The comprehensive review will begin immediately and will evaluate a broad range of options to maximize shareholder value. "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 maximizing value for our shareholders," said Hil Davis, Chief Executive Officer of Digital Brands Group.

Digital Brands Group has not set a deadline or definitive timetable for the completion of this process, and there can be no assurance that this process will result in any particular outcome. The Company does not intend to make any further announcements regarding this process unless it determines that further disclosure is appropriate and necessary.