LONDON — The maker of Dr. Martens boots, the chunky-soled footwear once championed by rebellious young people but now
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 672.2 million pounds ($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.”
The Associated Press