Iconic Northamptonshire shoemakers Dr Marten's considering selling shares on stock market for first time

Chairman: 'I am exceptionally proud of where we have come from but more importantly where we can go in the future'

By Jack Duggan
Monday, 11th January 2021, 4:55 pm
Updated Monday, 11th January 2021, 5:01 pm
Dr Marten's have been made in Wollaston since 1960
Dr Marten's have been made in Wollaston since 1960

Dr Martens is considering selling shares in the business on the London Stock Exchange for the first time, the iconic Northamptonshire company announced today (Monday, January 11).

The Wollaston-based firm would float at least a quarter of the business if the listing is approved by the Financial Conduct Authority.

Chairman Paul Mason 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.

Dr Marten's chief executive Kenny Wilson

"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 (PLC).

"We’re also committed to strong corporate governance and making sure we always do things the right way.

"This is clearly illustrated by the strength and diversity of our four non-executive director appointments who bring a wealth of complementary skills and experience to help guide Dr Martens in this new chapter.

"I am exceptionally proud of where we have come from but more importantly where we can go in the future in growing the business and creating value for all our stakeholders.”

Dr Martens is one of the most recognised footwear brands in the world, selling more than 11 million pairs of shoes annually in more than 60 countries.

The firm was founded after R. Griggs Group bought the patent rights to the air-cushioned soles developed by German doctors Klaus Maertens and Herbert Funck in 1959.

Its best-known product is the eight-holed 1460 boot, which was initially made in 1960, and has been synonymous with rebellious youth culture ever since.

Dr Marten's was sold to private equity firm Permira for £300 million in 2013 with revenues more than quadrupling from £160 million to £672 million in the last financial year.

Profits were up 18 per cent in the six months to September as online sales have soared during the coronavirus pandemic, despite its 130 stores suffering.

Chief executive Kenny Wilson 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.

"It is the people of Dr Martens who make the brand and the culture so unique, and I would like to extend a heartfelt thanks to them for their passion and effort in growing our business so significantly and in delivering through the testing times of the pandemic over the last year.

"We have an exciting future ahead of us both as a PLC and also as we continue to build and develop the Dr Martens brand.”