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Dr Martens gets big in Japan (and bigger worldwide to boot) Dr Martens gets big in Japan (and bigger worldwide to boot)
(35 minutes later)
Demand for Dr Martens shoes is booming, helped by a craze in Asia and new lighter versions of the traditional yellow-stitched boots. Demand for Dr Martens shoes is booming, helped by a craze in Asia and new, lighter versions of the traditional yellow-stitched boots.
The company, which is owned by private equity firm Permira, opened 18 new stores last year, including two in Japan and one at Camden Stables in north London. It plans to open a further 20 to 25 shops this year in Japan, continental Europe, the UK and the US. The company, which is owned by private equity firm Permira, opened 18 stores last year, including two in Japan and one at Camden Stables in north London. It plans to open a further 20 to 25 shops this year in Japan, continental Europe, the UK and the US.
Dr Martens said revenue rose by a quarter to £290.6m in the year to 31 March. The firm sells about 6m pairs of shoes a year, most of which are manufactured outside of the UK, although 60,000 are still made at its original factory in Northamptonshire.Dr Martens said revenue rose by a quarter to £290.6m in the year to 31 March. The firm sells about 6m pairs of shoes a year, most of which are manufactured outside of the UK, although 60,000 are still made at its original factory in Northamptonshire.
The company sold 200,000 pairs of DM Lites last year, a new range modelled on lighter “athleisure” soles but which resemble the traditional Doc welted black or oxblood boots with yellow stitching. The firm has also introduced new colours and patterns such as floral prints. The company sold 200,000 pairs of DM’s Lite last year, a new range modelled on lighter “athleisure” soles but which resemble the traditional Doc welted black or oxblood boots with yellow stitching. The firm has also introduced new colours and patterns such as floral prints.
Jon Mortimore, the chief financial officer, said DM Lites appealed to “customers who wore Dr Martens when they were a kid or teenager, but they are also appealing a lot to younger consumers who’ve been brought up on lighter trainers or shoes.” Jon Mortimore, the chief financial officer, said DM’s Lite appealed to “customers who wore Dr Martens when they were a kid or teenager, but they are also appealing a lot to younger consumers who’ve been brought up on lighter trainers or shoes”.
Dr Martens is expanding particularly in Japan and South Korea. He added: “Japan is going very well for us. Tokyo can be seen as a global fashion hub.”Dr Martens is expanding particularly in Japan and South Korea. He added: “Japan is going very well for us. Tokyo can be seen as a global fashion hub.”
After their debut in 1960, Dr Martens boots soon became popular with skinheads, goths and punks. Another early adopter was Pete Townshend, guitarist and songwriter for the Who. The boots went out of fashion about a decade ago but have since made a comeback, helped by endorsement from stars such as Miley Cyrus, Ellie Goulding, Gwen Stefani, Pharrell Williams and David Beckham. Dr Martens boots was launched in 1960 and soon became popular with skinheads, goths and punks. Another early adopter was Pete Townshend, guitarist and songwriter for the Who.
The boots went out of fashion about a decade ago but have since made a comeback, helped by endorsement from celebrities such as Miley Cyrus, Ellie Goulding, Gwen Stefani, Pharrell Williams and David Beckham.
Mortimore said Permira, which bought the business in 2013, was turning it from a family-run company into a global brand, and moving away from wholesale towards retail – opening more of its own shops and selling online.Mortimore said Permira, which bought the business in 2013, was turning it from a family-run company into a global brand, and moving away from wholesale towards retail – opening more of its own shops and selling online.
Dr Martens is looking for a new CEO after Steve Murray stepped down earlier this month after three years in the job. Chairman Paul Mason, the former boss of Asda and Matalan, will run the business in the interim. Dr Martens is looking for a new CEO after Steve Murray stepped down this month after three years in the job. The chairman and former boss of Asda and Matalan, Paul Mason, will run the business in the interim.
The company, founded by the Griggs family in Wollaston, Northamptonshire, has been making work-wear boots since 1901. It licensed the Dr Martens boot from Munich-based Dr Klaus Maertens, a young soldier who developed the air-cushioned sole whilst convalescing from a broken foot. The company, founded by the Griggs family in Wollaston, Northamptonshire, has been making work boots since 1901. It licensed the Dr Martens boot from Munich-based Dr Klaus Maertens, a young soldier who developed the air-cushioned sole while convalescing from a broken foot.
Dr Martens said retail revenues were up 38% to £78.9m while online income jumped 54% to £32.4m. Earnings before interest, tax, depreciation and amortisation grew 27% to £37.5m.Dr Martens said retail revenues were up 38% to £78.9m while online income jumped 54% to £32.4m. Earnings before interest, tax, depreciation and amortisation grew 27% to £37.5m.