Investment company Permira wants to take its British shoe brand Dr. Martens to the London Stock Exchange in the near future. The funds raised will support further international expansion and the development of e-commerce.
In October last year, news around an imminent IPO for Dr. Martens got reported, but there was never an official confirmation. Yesterday, the company announced its IPO plans, writes Belgian newspaper Het Nieuwsblad.
The iconic shoe brand, best known for its sturdy boots with prominent stitching, was founded in the 1960s. The label had a big breakthrough during the punk period. Today, the shoes get sold in more than sixty countries.
Permira acquired the shoe brand in 2014 for about 350 million pounds (390 million euros). In recent years, the company has grown significantly. In the 2019/2020 financial year, Dr Martens achieved sales of 672 million pounds (749 million euros), compared to 454 million pounds (506 million euros) a year earlier. Since the outbreak of Covid-19, growth has slowed down.
For the time being, no exact schedule for the IPO has been announced. It is reported that the existing shareholders want at least a quarter of the shares to go public, with the possibility of opening up another 15 per cent.