Boot maker Dr. Martens, the thick-soled shoe once championed by rebellious youngsters but now favored by celebrities like Rihanna, plans to sell shares to the public while existing owners seek to profit 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 London-based private equity investor, bought Dr. Martens for $ 400 million in 2014. Private equity firms seek to buy undervalued companies and then restructure their operations and cut costs before selling with profit.
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Dr. Martens Chief Executive Kenny Wilson said the IPO underscored the brand’s “global growth potential” after the shoe maker’s revenue jumped 39% in the past two years to $ 900 million a year. The company is expanding online sales to supplement revenue from 130 stores in 60 countries.
“Our iconic brand attracts a wide range of consumers around the world who use our shoes to express their individual style,” said Wilson in a statement to the stock exchange. “We invest heavily to ensure that we deliver the best digital and store experiences to connect with our users.”