Digital Brands Group closes acquisition of Open Daily's assets
The asset purchase agreement, executed on 1 April, 2025, has facilitated Digital Brands Group's acquisition of intellectual properties including patent applications, trademarks, and software products and platforms.
In return, Digital Brands Group issued 344,827 shares of its common stock to Open Daily.
Headquartered in Vancouver, British Columbia, Canada, Open Daily develops tools that enhance how brands engage with consumers. Their solutions are designed to improve conversion rates, streamline customer journeys and elevate the online shopping experience through real-time interactions.
The company offers three primary services designed to enhance the online shopping experience.
Outfit Virtual Shopping replicates the in-store shopping atmosphere, fostering increased customer engagement and higher conversion rates.
Outfit Voice AI serves as a multilingual shopping assistant, delivering personalised experiences and superior customer support, while Outfit Neuroscience-Driven AI (ND-AI) provides deep consumer insights by analysing behavioural and engagement data.
The acquisition is in line with Digital Brands Group's objective to broaden its reach in the domain of online shopping.
By incorporating interactive commerce solutions, the company aims to facilitate more meaningful interactions between brands and customers.
Digital Brands Group CEO Hil Davis stated: "With Open Daily's virtual shopping technology assets, we see an opportunity to enhance digital retail experiences.
"This acquisition strengthens our ability to provide brands with innovative tools to improve engagement, increase sales and create a more immersive shopping environment."
In 2024, the company partnered with VAYNERCOMMERCE to drive digital revenue.
In the third quarter of the year Digital Brands Group reported net revenues of $2.4m compared to $3.3m in the same period of 2023.
The company plans to enhance its presence by investing in additional digital channels and platforms. Key initiatives also involve content creation, collaborations with influencers and the release of exclusive monthly product capsules only available online. These capsules will feature unique pricing, fabrics and designs.
"Digital Brands Group closes acquisition of Open Daily's assets" was originally created and published by Retail Insight Network, a GlobalData owned brand.
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