Dr Martens laces up for stock market debut

The brand has engaged Goldman Sachs and Merrill Lynch as joint global coordinators of the prospective float with, Barclays, HSBC, Merrill Lynch and RBC Europe as joint book-runners if it goes ahead.

The business is considering admission to the main market of the London Stock Exchange with a free float of at least 25% of its shares made available as current owner Permira plans to reduce its stake. The private equity firm acquired a controlling stake in Dr Martens in 2013. 

Dr Martens has delivered strong growth during the pandemic so far, with sales in the six months to September 30 up 18% year-on-year to £318.2m and EBITDA up 30% to £86.3m.

Chair Paul Mason said the proposed listing “marks an important milestone for Dr Martens” following investments in the group’s operations and leadership to “build the business to match the scale and potential of our brand”.

The business, which operates in 60 countries and sells over 11 million pairs of shoes per year, is banking on the continued growth of its direct to consumer channel to build momentum in the coming years. Dr Martens direct-to-consumer division delivered 34% growth in the six months to September 30.

Dr Martens chief executive Kenny Wilson said: “The announcement of our intention to float reflects the great achievements of the Dr Martens team and brand over the last seven years. Even more important is the significant global growth potential for Dr Martens in the future. 

“Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style. We have invested massively to ensure that we deliver the best digital and store experiences to connect with our wearers and through this, we are driving our long term, sustainable growth.”

Dr Martens is the latest in a line of retail businesses which are considering stock market debuts. Online greetings card retailer Moonpig is reportedly planning a £1bn float, which could be announced as early as this week, while businesses ranging from Deliveroo to In The Style and Beauty Bay are also said to be mulling stock market listings.