The creator of Dr. Martens Boots, the thick-soled footwear once defended by rebellious young people but now a favorite of celebrities like Rihanna, plans to sell stock to the public as the existing owners seek to capitalize on the iconic’s growth. Brand.
Dr. Martens Ltd. said on Monday that current investors plan to sell at least 25% of their stake in an IPO on the London Stock Exchange.
Permira Funds, a London-based private equity investor, bought Dr. Martens in 2014 for $ 400 million. Private equity firms seek to buy up undervalued companies and then restructure their operations and cut costs before selling for a profit.
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Dr. Martens Chief Executive Kenny Wilson said the IPO underscored the brand’s “global growth potential” after the shoe manufacturer’s sales grew 39% over the past two years to $ 900 million per year. The company is expanding online sales to complement revenues from 130 stores in 60 countries.
“Our iconic brand appeals to a wide variety of consumers around the world who wear our shoes to express their individual style,” Wilson said in a statement to the show. “We have invested massively to ensure that we store the best digital and experiences to connect with our carriers.”