Differential Brands Group Inc (NASDAQ:DFBG) remains focused on pursuing growth, organically and through acquisition, according to chief executive officer Michael Buckley. The sentiments comes on the company posting a net loss of $3.6 million, which the management is already downplaying as focus shifts towards implementing a new branded platform approach.
Differential Brands Big Plan
Improving product offerings is Differential Brands Group main objective even as it eyes new opportunities at the back of an aggressive acquisition drive. The efforts are already paying off, revenues in the second quarter having doubled to highs of $32.4 million from $16.3 million last year.
The wholesale segment remains the company’s soft sport as it continues to benefit from operational efficiencies seen by revenues of $17.7 million on the Hudson segment. Differential Brands Group is also working to reinvigorate growth prospects on the Consumer direct segment through remerchandising and revamping of the Robert Graham collection.
During the second quarter, the company completed the acquisition of SWIMS AS a Scandinavian lifestyle brand. The acquisition should go a long way in bolstering the company’s offerings given its range of fashion-forward, water resistant footwear and sportswear.
“SWIMS’ unique, global footprint in the water-resistant footwear and apparel category aligns well with our strategy to build a portfolio of complementary, premium brands that consumers are passionate about,” said Chief Executive Officer Mr. Buckley.
SWIMS comes with a strong sales network that Differential Brands plans to take advantage of as it moves to create more brand awareness for its products. The footwear company also brings to the table significant growth opportunities given its operations both in North America and on international markets.
Differential Brands Group Inc (NASDAQ:DFBG) has already appointed, Jake Brandman, as the President of the SWIMS Brand. While reporting directly to the company’s chief executive officer, Mr. Brandman will be responsible for developing and implementing strategies geared towards expanding the SWIMS brand both domestically and internationally.