Reports from the BBC, The Financial Times and others say that private equity group Permira is preparing to float shares of boot brand Dr Martens on the London Stock Exchange, reports Leatherbiz.
Permira took over the running of the brand in 2013 and owns a stake of 75%. It has said it could float up to 25% of the equity. Chief executive, Kenny Wilson, recently told the FT: “The brand has always been much bigger than the business.”
Dr Martens achieved sales of £672 million in the year to March 2020 and pre-tax profits of just over £100 million. In the first half of its current financial year, April-September 2020, it achieved a 14% increase in the volume of boots it sold and an increase in revenues of almost 75%.
Online business accounted for 20% of sales last year and it has said online will be the main driver for growth in the years ahead.