Dr Martens majority shareholder restructures ownership
Dr Martens has confirmed that IngreGrsy has acquired a 38.46% stake in the footwear brand following a restructuring within owner Permira’s buyout fund, Permira V.
Guernsey-based IngreGrsy has replaced Luxembourg-based IngerLux as the majority shareholder in Permira V, with the shareholding in Dr Martens transferred to IngreGrsy as a result.
In a regulatory filing, the company said that Permira V Fund’s ownership structure has remained unchanged otherwise, and continues to be controlled by Permira V GP Limited.
Permira acquired Dr Martens from the Griggs family back in January 2014 for £300 million. Under its ownership, the brand was listed on the London Stock Exchange in January 2021.
It has been a bumpy ride for the famous shoe brand since it listed in London at a value of £3.7 billion. Shares at the beginning of the year were worth around four-fifths less than they were then.
Last month, Dr Martens announced a swathe of cost-cutting plans after its bottom line was hit by a slump demand in the US last year. The London-listed firm hopes to save up to £25 million in the current financial year, after profit before tax fell 43% to £97 million in the year ending 31 March 2024.
It said the cost cuts would come from "organisational efficiency and design, better procurement and operational streamlining".
