Dr Martens eyes UK stock market float in early 2021

Dr Martens eyes UK stock market float in early 2021

Dr Martens’ private equity owner has reportedly hired Lazard to prepare a stock market listing of the British footwear brand and retailer.

According to sources speaking to Reuters, Permira is looking at a London stock exchange listing sometime early next year.

Permira, which acquired Dr Martens in 2014 for £350 million, may also decide to resume sale talks with Carlyle, Reuters reported.

US-based private equity firm Carlyle had initially expressed interest in buying Dr Martens for £300 million earlier this year before the coronavirus pandemic brought negotiations to a halt.

However, there is no guarantee a deal could be made.

Permira and Carlyle declined to comment.

Since taking control, Permira has increased Dr Martens’ global presence, invested in its ecommerce and reported an average 20 per cent to 30 per cent revenue growth in recent years.

In the year to March 31, the footwear retailer recorded a revenue rise of 48 per cent to £672.2 million, while operating profit surged by 110 per cent to £142.5 million.

Dr Martens said its direct-to-consumer businesses recorded a total sales rise of 51 per cent to £301.6 million.

Wholesale was ahead with a 45 per cent rise to £370.6 million.

Dr Martens said it had achieved a ”balanced global performance with all major markets reporting double-digit revenue growth”.

The retailer had to temporarily close its stores towards the end of its financial year due to the coronavirus lockdown, but it has since opened almost all stores.

read the full article here – retailgazette.co.uk