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Dr. Martens’ IPO is expected to list on the London Stock Exchange early next year – Footwear News

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It is rumored that an IPO of Dr. Martens will hit the London Stock Exchange early next year.

The British shoemaker has reportedly retained the services of Goldman Sachs and Morgan Stanley to lead its initial public offering. The news was first reported by a UK-based media outlet Sky News, which does not specify the number of shares to be listed or the amount that should be raised.

The float, according to the post, was run by the brand’s parent, Permira. The private equity firm acquired Dr. Martens from the Griggs family in 2013 for 300 million pounds, or $ 399.1 million at the current exchange.

FN has contacted Dr Martens for confirmation and comments.

Business has turned out to be positive for the Northamptonshire, England-based label in the past fiscal year: for the 12 months ended March 31, revenue climbed 48% to £ 672.2million, or 894.2 million dollars at the current exchange rate. Underlying EBITDA increased 93% to 164.4 million pounds, or $ 218.7 million, while its operating profit more than doubled. He added that he had sold 11.1 million pairs of shoes during that time.

Even though the financial results reflect the brand’s performance in the pre-COVID-19 era, CEO Kenny Wilson said he was confident that Dr Martens’ strategy had helped him through the pandemic. Speaking to FN in August, he said, “If you take our website and our stores combined, we’ve been successful in maintaining a growing business. Speed ​​and agility were so important – and also put people first. When we met our suppliers we didn’t cancel a single pair of boots or shoes, we paid all of our owners on time and tried to take the long view. “

Additionally, while a number of bold fashion players have scaled back store openings, Dr Martens continued with the opening of 16 physical units, including five in the United States. Product-wise, the brand’s iconic 1460 boot, awarded FN’s Shoe of the Year in 2019, continues to drive sales. The recognizable silhouette was first introduced 60 years ago and has retained its ‘cool’ factor with a dozen buzzing collaborations this year.

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