<SEC-DOCUMENT>0000929638-25-000452.txt : 20250130
<SEC-HEADER>0000929638-25-000452.hdr.sgml : 20250130
<ACCEPTANCE-DATETIME>20250130182950
ACCESSION NUMBER:		0000929638-25-000452
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250127
FILED AS OF DATE:		20250130
DATE AS OF CHANGE:		20250130

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Pleasant Lake Partners LLC
		CENTRAL INDEX KEY:			0001580144
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32545
		FILM NUMBER:		25575203

	BUSINESS ADDRESS:	
		STREET 1:		100 CARR 115 UNIT 1900
		CITY:			RINCON
		STATE:			PR
		ZIP:			00677
		BUSINESS PHONE:		212-554-0680

	MAIL ADDRESS:	
		STREET 1:		100 CARR 115 UNIT 1900
		CITY:			RINCON
		STATE:			PR
		ZIP:			00677

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PLP Funds Master Fund LP
		CENTRAL INDEX KEY:			0002052009
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32545
		FILM NUMBER:		25575202

	BUSINESS ADDRESS:	
		STREET 1:		100 CARR 115 UNIT 1900
		CITY:			RINCON
		STATE:			PR
		ZIP:			00677
		BUSINESS PHONE:		804-363-4458

	MAIL ADDRESS:	
		STREET 1:		100 CARR 115 UNIT 1900
		CITY:			RINCON
		STATE:			PR
		ZIP:			00677

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Fund 1 Investments, LLC
		CENTRAL INDEX KEY:			0001959730
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32545
		FILM NUMBER:		25575204

	BUSINESS ADDRESS:	
		STREET 1:		100 CARR 115
		STREET 2:		UNIT 1900
		CITY:			RINCON
		STATE:			PR
		ZIP:			00677
		BUSINESS PHONE:		804-363-4458

	MAIL ADDRESS:	
		STREET 1:		100 CARR 115
		STREET 2:		UNIT 1900
		CITY:			RINCON
		STATE:			PR
		ZIP:			00677

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Designer Brands Inc.
		CENTRAL INDEX KEY:			0001319947
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-SHOE STORES [5661]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				310746639
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0203

	BUSINESS ADDRESS:	
		STREET 1:		810 DSW DRIVE
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43219
		BUSINESS PHONE:		(614) 237-7100

	MAIL ADDRESS:	
		STREET 1:		810 DSW DRIVE
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DSW Inc.
		DATE OF NAME CHANGE:	20050307
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-01-27</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001319947</issuerCik>
        <issuerName>Designer Brands Inc.</issuerName>
        <issuerTradingSymbol>DBI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001959730</rptOwnerCik>
            <rptOwnerName>Fund 1 Investments, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 CARR 115</rptOwnerStreet1>
            <rptOwnerStreet2>UNIT 1900</rptOwnerStreet2>
            <rptOwnerCity>RINCON</rptOwnerCity>
            <rptOwnerState>PR</rptOwnerState>
            <rptOwnerZipCode>00677</rptOwnerZipCode>
            <rptOwnerStateDescription>PUERTO RICO</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001580144</rptOwnerCik>
            <rptOwnerName>Pleasant Lake Partners LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 CARR 115 UNIT 1900</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>RINCON</rptOwnerCity>
            <rptOwnerState>PR</rptOwnerState>
            <rptOwnerZipCode>00677</rptOwnerZipCode>
            <rptOwnerStateDescription>PUERTO RICO</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002052009</rptOwnerCik>
            <rptOwnerName>PLP Funds Master Fund LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 CARR 115 UNIT 1900</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>RINCON</rptOwnerCity>
            <rptOwnerState>PR</rptOwnerState>
            <rptOwnerZipCode>00677</rptOwnerZipCode>
            <rptOwnerStateDescription>PUERTO RICO</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2103405</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Call Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>7</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2024-12-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2025-04-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>250000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Call Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>10</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2024-12-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2025-04-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>500000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Call Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>10</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2025-01-13</value>
            </exerciseDate>
            <expirationDate>
                <value>2025-04-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>400000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Call Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>9</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2025-01-27</value>
            </exerciseDate>
            <expirationDate>
                <value>2025-07-18</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1000000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Securities reported herein are held for the benefit of private investment vehicles for which Pleasant Lake Partners LLC (&quot;PLP&quot;) serves as investment adviser. Fund 1 Investments, LLC serves as managing member of PLP. Jonathan Lennon serves as managing member of Fund 1 Investments, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Fund 1 Investments, LLC by: Benjamin C. Cable, Chief Operating Officer</signatureName>
        <signatureDate>2025-01-30</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Pleasant Lake Partners LLC by: Fund 1 Investments, LLC, its Managing Member, by Benjamin C. Cable, Chief Operating Officer</signatureName>
        <signatureDate>2025-01-30</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ PLP Funds Master Fund LP, by Pleasant Lake Partners LLC, its Investment Adviser, by Fund 1 Investments, LLC, its Managing Member, by Benjamin C. Cable, Chief Operating Officer</signatureName>
        <signatureDate>2025-01-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
