Digital Brands Group, Inc. ("DBG" or the "Company") (NASDAQ:DBGI), a publicly traded company specializing in apparel and e-commerce, today confirmed that, in connection with its ongoing review of strategic alternatives and following the recent expansion of its landmark government contract to $165 million, the Company has received a proposal from an existing shareholder with a net worth over a billion dollars to acquire all outstanding shares of common stock for $77.58 per share in cash.

The Board of Directors, in close consultation with its recently retained financial advisor, will carefully evaluate the proposal to determine the course of action that is in the best interests of the Company and its shareholders.