The boot brand beloved by subcultures and supermodels alike inches one step closer to going public.
Germany-born, Britain-bred Dr. Martens, best known for its combat-style footwear, has reportedly retained Goldman Sachs and Morgan Stanley to execute its go-public strategy, targeting a timeline for early next year. The company sold 11.1 million pairs of shoes for the year ended March 31, growing revenue 48 percent to 672.2 million pounds ($875 million), it reported in August.
Dr. Martens-made boots and shoes have seen a resurgence in recent years, finding favor among young millennials and Gen Z consumers attracted to its somewhat subversive styling and anti-conformist aesthetic. Celebrities, too, have embraced the brand, with everyone from model Kaia Gerber to Gigi Hadid stepping out in the lace-up wares.
Though Dr. Martens built its brand on the sturdy punk-styled boots with distinctive yellow stitching and the “bouncing soles,” the company has delivered an array of other footwear styles, accessories and apparel throughout its 73-year history. This year, the label celebrated the 60th anniversary of its iconic 1460 boot by collaborating with designers Raf Simons and Marc Jacobs, in addition to street-style brands Undercover and Needles, to lend their sartorial point of view to the signature silhouette.
In 2013, private-equity firm Permira paid 300 million pounds ($398 million) to purchase Dr. Martens from the Griggs family, which had taken the brand to Made-in-Britain prominence after acquiring its manufacturing rights in the late 1950s. Over the past seven years, Permira has reportedly considering offloading the shoe label but never managed a workable deal.
The news of Permira hiring investment bankers for the IPO was first reported by Sky News on Wednesday. Details of the float, such as valuation, number of shares to be listed and expected raise, haven’t been disclosed.
Additional reporting by Jessica Binns.