LONDON — The maker of Dr. Martens boots, the chunky-soled footwear once championed by rebellious young people but now favored by celebrities like Rihanna, plans to sell shares to the public as the existing owners seek to profit from growth of the iconic brand.
Dr. Martens Ltd. said Monday that current investors plan to sell at least 25% of their stake in an initial public offering on the London Stock Exchange.
Permira Funds, a London-based private equity investor, bought Dr. Martens for 300 million pounds – currently worth $400 million – in 2014. Private equity firms seek to buy undervalued companies then restructure their operations and cut costs before selling at a profit.
Dr. Martens Chief Executive Kenny Wilson said the IPO underscored the brand’s “global growth potential” after revenue increased by 39% over the past two financial years to an annual $900 million. The company is expanding online sales to complement revenue from 130 shops in 60 countries.
“Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style,’’ Wilson said in a statement to the stock exchange. “We have invested massively to ensure that we deliver the best digital and store experiences to connect with our wearers.”
Local journalism is essential.
Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.
Subscribe to the Coronavirus newsletter
Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.