Dr. Martens confirms London Stock Exchange float

Footwear brand Dr. Martens has announced it is planning an initial public offering (IPO) on the London Stock Exchange.

Goldman Sachs and Morgan Stanley have been engaged as joint global co-ordinators of the listing.

Dr. Martens had a group revenue of £318.2m in the six months ended 30 September, 2020, growing 18% year-on-year.

A focus on its direct-to-consumer business has been key to the brand’s success, and its e-commerce channel has been one of the biggest contributors to Dr. Martens’ substantial growth in recent years, and is expected to continue to be the main driver of growth over the coming years.

The group also sells its footwear through more than 130 own retail stores, which act as profitable and important consumer touchpoints, as well as through concessions and a high-quality network of strategic wholesale customers, distributors and franchisees.

Paul Mason, Chairman of Dr. Martens, said: “Today marks an important milestone for Dr. Martens and is testament to the skill and hard work of our management team, as we build the business to match the scale and potential of our brand. We have made significant investment in the business over the last few years to strengthen the team, our operations and position ourselves for the next exciting stage of development, as a publicly listed company.”

Kenny Wilson, Chief Executive of Dr. Martens, added: “The announcement of our intention to float reflects the great achievements of the Dr. Martens team and brand over the last seven years. Even more important is the significant global growth potential for Dr. Martens in the future.

“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.”

Dr. Martens is one of the most recognised footwear brands in the world, selling in excess of 11 million pairs of footwear annually in more than 60 countries, with revenues of £672m in the year ended 31 March, 2020.

The brand was acquired by IngreLux, a Luxembourg company owned by funds advised by Permira, in 2014.