LVMH's Luxury Ventures Fund (LLV) has bought a minority stake in popular luggage brand Db, a landmark investment that marks their first investment in Norway and second in Scandinavia. This is a big step following their recent investment in Swedish label Our Legacy.
Founded in 2012 by Truls Brataas, an entrepreneur, and Jon Olsson, a free-skier, Db has gained immense popularity from its base in Oslo, Norway. Their fanbase consists of adventurers, extreme sports enthusiasts, and modern nomads who are drawn to the brand's simple and practical bags. Db has a clear and minimalist product range consisting of backpacks, duffels and totes designed for use in both everyday life and the next rugged adventure.
Their bags are made with a mix of metal and polycarbonate materials, which not only enhances the aesthetic but also reinforces their reputation for being durable and long-lasting. Often, Db offers a few colors on their models, a simple approach that strengthens their unique brand identity.
According to Richard Collier, CEO of Db, "This is the first major funding round for Db," and he explained that this investment will allow to accelerate the global development of the brand. They plan to strengthen brand awareness through strategic partnerships, focus on core North European markets, and expand presence in the US and Asia.
The investment from LVMH's LLV is exciting because it is also the first time that LLV will invest in a B Corp certified company. According to B Corp's website, companies with B Corp certification have high standards of social and environmental performance, transparency, and accountability. It shows a clear objective in management and in the delivery of products and services that focus not only on profit but also on the welfare of nature and society.
Despite being a small Scandinavian brand, how will this big investment affect Db? According to Collier, Db will accept B Corp status and continue its sustainability journey, including the launch of a "repair and re-commerce" service in Europe in Q2. Additionally, the brand noted that expanding its retail presence in new markets will be key to their success on a global scale, including the UK, Denmark, the Netherlands, and the Baltics which currently do not have a physical Db store.
This partnership will surely usher in an exciting new phase for Db. The brand's next steps will definitely be something to watch out for, and we'll be providing updates as their journey progresses.
