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Dr Martens set to float on London Stock Exchange

Henry Saker-Clark, PA City Reporter
·2-min read

Dr Martens has revealed plans to float on the London Stock Exchange in a move it hopes will help expand the famous footwear brand.

The company, which is best known for its chunky boots, is currently owned by private equity firm Permira, which would sell down its stake as part of the stock market listing.

Dr Martens sells in excess of 11 million pairs of footwear annually in more than 60 countries.

Kenny Wilson, chief executive of the company, highlighted its “significant global growth potential” in the future as it hopes to expand further through increased investment.

Coronavirus – Mon Jun 29, 2020
A member of staff at the Dr Martens shop in Edinburgh’s Princes Street (Jane Barlow/PA)

The retail brand, which launched its first boot in 1960, posted £672 million in revenues in the financial year to March 31.

Over the same period, the company also delivered £184 million in earnings.

It also reported group revenues of £318.2 million for the six months to September, delivering 18% growth year-on-year despite the impact of the pandemic.

The brand sells a large proportion of its products through partner retailers, but said it wants to continue the expansion of its own retail operations.

Dr Martens runs 130 of its own stores across the globe, while sales from its own online business have grown to represent a fifth of all its revenues.

Mr Wilson said: “The announcement of our intention to float reflects the great achievements of the Dr Martens team and brand over the last seven years.

“Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style.

“We have invested massively to ensure that we deliver the best digital and store experiences to connect with our wearers, and through this we are driving our long term, sustainable growth.”