sunny.png
Friday January 15th, 2021 3:44PM

Chunky bootmaker Dr. Martens to sell shares to public

By The Associated Press
Related Articles
  Contact Editor

LONDON (AP) — The maker of Dr. Martens boots, the chunky-soled footwear once championed by rebellious young people but now favored by celebrities like Rihanna, plans to sell shares to the public as the existing owners seek to profit from growth of the iconic brand.

Dr. Martens Ltd. said 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 300 million pounds (currently worth $400 million) in 2014. Private equity firms seek to buy undervalued companies then restructure their operations and cut costs before selling at a profit.

Dr. Martens Chief Executive Kenny Wilson said the IPO underscored the brand’s “global growth potential” after revenue increased by 39% over the past two financial years to an annual 672.2 million pounds ($900 million). The company is expanding online sales to complement revenue from 130 shops in 60 countries.

“Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style,’’ Wilson said in a statement to the stock exchange. “We have invested massively to ensure that we deliver the best digital and store experiences to connect with our wearers.”

  • Associated Categories: Associated Press (AP), AP Entertainment, AP Business, AP Business - Corporate News, AP Business - Industries, AP Business - Financial Services
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Phoenix to honor late civil rights icon Calvin C. Goode
Arizona lawmakers, Phoenix residents and members of the Black community will celebrate the life and legacy of civil rights leader Calvin C
9:35AM ( 2 minutes ago )
Chunky bootmaker Dr. Martens to sell shares to public
The maker of Dr. Martens boots, the chunky-soled footwear favored by celebrities like Rihanna and Kristen Stewart, plans to sell shares to the public as the existing owners seek to profit from growth of the iconic brand
9:22AM ( 15 minutes ago )
This month's Paris Fashion Week goes totally digital
Ending the confusion over the fate of Paris Fashion Week, French fashion’s regulatory body says this month’s men’s and haute couture shows will be strictly audience-free over coronavirus fears
9:19AM ( 18 minutes ago )
Associated Press (AP)
Israeli tycoon in Swiss court over alleged bribes in Guinea
Israeli diamond and minerals magnate Beny Steinmetz has gone on trial in Switzerland to face charges of corruption and forging documents in an alleged bid to win lavish iron ore mining concessions in Guinea by paying millions to a former wife of late President Lansana Conte
8:48AM ( 49 minutes ago )
Parler squeezed as Trump seeks new online megaphone
Though stripped of his Twitter megaphone, President Donald Trump does have alternative options of much smaller reach
8:36AM ( 1 hour ago )
The Latest: UK hospitals in crisis; vaccinations ramp up
England’s chief medical officer is warning that the coming weeks will be the worst of the pandemic for the National Health Service as he appealed to the public to strictly follow guidelines to prevent the spread of the disease
8:33AM ( 1 hour ago )
AP Business
Indonesia green-lights emergency use of Chinese vaccine
Indonesia's Food and Drug Authority has authorized emergency use of the COVID-19 vaccine produced by China-based Sinovac Biotech Ltd
4:24AM ( 5 hours ago )
India's quick nod to homegrown COVID-19 vaccine seeds doubt
India took a regulatory shortcut for their homegrown vaccine, a move touted by Prime Minister Narendra Modi as a success in India’s self-reliance
2:06AM ( 7 hours ago )
Syria temporarily cuts supplies of fuel to meet shortages
Syria’s petroleum ministry is blaming U.S. sanctions for forcing it to reduce by up to 24% its distribution of fuel and diesel
9:11AM ( 1 day ago )
AP Business - Corporate News
Minister: Massive power outage leaves Pakistan in the dark
Pakistan's energy minister says a major technical fault in the country's power generation and distribution system caused a massive power outage that plunged the country into darkness overnight
1:34AM ( 1 day ago )
New Zealand central bank says data system hacked
New Zealand’s central bank says one of its data systems has been breached by an unidentified hacker who potentially accessed commercially and personally sensitive information
12:23AM ( 1 day ago )
The Latest: Mexico sees record 16,105 new virus cases
Mexico has posted another daily record for newly confirmed coronavirus cases, with 16,105 new infections reported Saturday, and a near-record of 1,135 deaths related to COVID-19 in the latest 24-hour period
10:22PM ( 1 day ago )
AP Business - Industries
Fed transcripts show doubts about need for 2015 rate hike
Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade
12:31PM ( 2 days ago )
Fed supported advance notice before changing bond purchases
Federal Reserve officials last month supported providing advance notice before the central bank makes changes to its $120 billion in monthly bond purchases
5:01PM ( 4 days ago )
World Bank sees subdued recovery in 2021 and plenty of risk
The World Bank on Tuesday forecast that the global economy will see a subdued recovery this year from a devastating pandemic but warned that the near-term outlook is highly uncertain and growth could be harmed if infections keep rising and the rollout of vaccines is delayed
12:42PM ( 5 days ago )
AP Business - Financial Services
Phoenix to honor late civil rights icon Calvin C. Goode
Arizona lawmakers, Phoenix residents and members of the Black community will celebrate the life and legacy of civil rights leader Calvin C
9:30AM ( 7 minutes ago )
This month's Paris Fashion Week goes totally digital
Ending the confusion over the fate of Paris Fashion Week, French fashion’s regulatory body says this month’s men’s and haute couture shows will be strictly audience-free over coronavirus fears
9:19AM ( 18 minutes ago )
Biden faces challenge in guiding America past Trump era
Joe Biden has already been preparing for months to take on a series of historic crises — a pandemic that’s killed at least 373,000 Americans and a sluggish economy that’s left millions jobless
9:10AM ( 27 minutes ago )
China: WHO experts arriving Thursday for virus origins probe
China says a group of experts from the World Health Organization is due to arrive Thursday for an investigation into the origins of the coronavirus pandemic
9:04AM ( 33 minutes ago )
Belarus leader defends hosting hockey worlds, ridicules US
Belarus President Alexander Lukashenko has defended his country’s ability to host this year’s hockey world championships by ridiculing the United States following the violent attack at the Capitol
9:01AM ( 36 minutes ago )