The producer of Dr. Martens boots, the shoes with a sturdy sole, once concentrated by rebellious young people but now favored by celebrities like Rihanna, plan to sell shares to the public as the existing owners want to benefit from the growth of the iconic brand.
Dr Martens Ltd. said on 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 private equity investor in London, told Dr. Martens bought in 2014 for $ 400 million. Businesses want to buy undervalued companies and then restructure their operations and reduce costs before selling them at a profit.
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Dr. Martens CEO Kenny Wilson said the stock market move underscores the brand’s “global growth potential” after the shoe maker rose 39 percent to $ 900 million a year over the past two years. The company is expanding online sales to supplement revenue from 130 stores in 60 countries.
“Our iconic brand appeals to a variety of consumers around the world who wear our shoes to express their individual style,” Wilson said in a statement to the stock exchange. ‘We have invested heavily to ensure we have the best digital and stored experiences to connect with our carriers. ‘