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Dr Martens prepares London IPO

Dr Martens is planning its float on the London Stock Exchange, in what would be one of the first big public offerings of 2021.

The iconic footwear retailer, which sells shoes in 60 countries across the world, is owned by Permira.

In the year ending Mach 2020, the group saw revenues of £672m. In the six months ending 30 September 2020, the group had revenues of £318.2m, which is an 18% year-on-year growth.

Chairman Paul Mason said: “We have made significant investment in the business over the last few years to strengthen the team, our operations and position ourselves for the next exciting stage of development, as a publicly listed company. We’re also committed to strong corporate governance and making sure we always do things the right way.”

Dr Martens is working with Goldman Sachs and Morgan Stanley ahead of the flotation.

Chief executive Kenny Wilson said: “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.”

Due to strong trading last year, the retailer returned money from the government’s coronavirus job retention scheme. Dr Martens said in a statement: “Given the resilience in trading and financial strength of the business, the board took the decision to return the taxpayer funds utilised from the UK Government furlough scheme, and these funds have now been repaid.”

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