Dr. Martens: How bootmaker became a great fashion brand

Sales at the increasingly sought-after brand have increased

The renowned British bootmaker Dr. Martens aims to raise close to £1.3bn ($1.78bn) in a listing on the London Stock Exchange.

The company, known for its yellow stitching and chunky soles, will sell 350 million existing shares, suggesting a valuation of about £3.3bn-£3.7bn.

Sales of the boots have soared in recent years as its unique style becomes increasingly sought after.

The company, founded in 1947, came close to bankruptcy in 2003 when it cut jobs in Britain and moved manufacturing to China.

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  A member of staff applies a safety sign to the Dr Martens store window in Princess Street in Edinburgh, in June 2020. Getty Images

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  Teenagers wearing Dr Martens in Belfast, Northern Ireland, in 1974. Getty Images

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  The Dr Martens Central London Store on its 50th Birthday on April 1, 2010 in London. Getty Images

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  People wearing Dr Marten boots dancing at the Deptford Free Festival in south London, July 1993. Getty Images

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  A collection of boots inside the Dr Martens Central London Store. Getty Images

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  A pair of eye catching yellow Dr. Martens boots. Getty Images

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  A man shows of his Dr Martens in Madrid, Spain. Getty Images

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  Models wearing Dr Martens walk across the Millennium Bridge in London. Getty Images

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  Labour MP Angela Rayner, wearing Dr Martens boots, speaks onstage at the O2 Apollo Manchester in November 2019. Getty Images

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  A youth wearing Dr Marten boots in the 1980s. Getty Images

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  A Sotheby's employee shows off the giant Dr Marten boots worn by Elton John when he played the Pinball Wizard in the rock opera Tommy. Getty Images

Over its 70-year history, the brand has gained a cult status, especially amongst young people who tend to stay extremely loyal.

Mike McNally, a senior lecturer at the University for the Creative Arts, says adaptability of Dr. Martens has been the key to its success.
"There are few brands that can actually do something like this. The brand has maintained that incredible identity and adapted its identity over so many years," he said.

"I think what really has kept its longevity is its adaptability – to take a boot which was synonymous with violence and then make it more synonymous with anti-establishment."

The boot's popularity among women has also been a major factor in its continuing revival.

"All of a sudden, it was quintessential, rather than macho. Suddenly it was covered in daisies and so forth."

"One of the interesting things actually is that the first two boots, which were a male and a female gender boot, still account for about 50% of the sales of Dr. Martens, they are that classic."

Dr. Martens is one of several IPOs to have launched in Europe this year, as issuers look to make up for a quiet 2020, when the spread of Covid-19 wreaked havoc on economies and hurt stock market listing volumes in Europe.

Private equity fund Permira, which bought Dr. Martens in 2014 for €380 million, will sell part of its stake in the IPO alongside other existing shareholders.

Permira has increased the brand’s global presence, opening new stores and expanding its e-commerce offering.

Dr. Martens Chief Executive Kenny Wilson said the IPO underscored the brand’s “global growth potential” after revenue increased by 39 per cent over the past two financial years to an annual £672.2 million ($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.”