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Tag: Dr Martens

  • Dr Martens shuts all stores in the Philippines

    Dr Martens shuts all stores in the Philippines

    German-founded British footwear and apparel brand, Dr Martens, has closed all of its physical stores in the Philippines.

    The brand announced on social media that it closed all of its remaining four stores in Glorietta 4, SM Mall of Asia, SM Megamall, and Manila Bay by the end of last month. However, Dr Martens did not disclose the reason behind its physical withdrawal from the market.

    Local sources said Dr Martens started shutting its stores in the country last February, including its flagship store in Two Parkade BGC.

    UK-based footwear retail reported a 13 percent year-on-year increase in revenue, reaching US$507 million in turnover for the first half of the fiscal year 2023. The brand opened 21 new stores and closed five stores during the period.

    “Although there are economic challenges ahead, we are well positioned for future growth,” said Kenny Wilson, CEO of Dr Martens.

    Dr Martens’ store closure in the Philippines occurred despite the market having seen growth in sportswear spending. Last month, US sneaker chain Foot Locker expanded into the country with the first store opened inside Manila’s Glorietta shopping mall under the partnership with Indonesian retailer MAP Aktif Adiperkasa.

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  • Rumoured Dr Martens sale could fetch up to £1.2 billion

    Rumoured Dr Martens sale could fetch up to £1.2 billion

    Private-equity group Carlyle is reportedly considering a more-than-£1 billion bid for British footwear brand Dr Martens.

    According to Bloomberg, citing internal sources, current owner Permira, a European investment company, has engaged Goldman Sachs and another firm to evaluate options for the future of the Dr Martens business. An IPO is also a possibility.

    Bloomberg stressed that no firm offer has been lodged as yet and there is no guarantee a sale will proceed. None of the three parties have commented publicly on the reports.

    Permira paid £300 million for Dr Martens in 2014 and has since rebuilt and expanded the business through both physical stores and online. It now has 109 standalone stores worldwide in addition to a presence in a vast network of multi-brand footwear retailers.

    With suggestions the footwear brand could now be worth as much as £1.2 billion, Permira is likely to earn a massive return on its investment.

    The company’s earnings before interest and tax rose 70 percent last year to £85 million.

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  • Dr. Martens maker sues online retailer Yoox over lookalike boots

    Dr. Martens maker sues online retailer Yoox over lookalike boots

    Airwair International Ltd, the company that makes Dr. Martens, is suing Yoox-Net-A-Porter Group for selling shoes that, it claims, look too much like its iconic lace-up boots.

    The lawsuit, filed in federal court in San Francisco, alleges trademark infringement, trademark dilution and unfair competition which first reported the story.

    Dr. Martens is reportedly calling for a preliminary injunction against the online retailer.

    This isn’t the first time the British brand has sued a competitor for ripping off its designs.

    In 2017, Airwair International slapped US-based shoe brand Steve Madden with a lawsuit for trademark infringement, claiming that it unlawfully copied Dr. Martens’ two tone grooved sole edge, DMS undersole and heel loop.

    In 2013, the company sued US-based shoe brand Chinese Laundry, citing similar trademark infringements.

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  • Asia gives Dr Martens revenues a kick along

    Asia gives Dr Martens revenues a kick along

    A strong performance in Asia has helped boost UK footwear brand Dr Martens revenues by 25 per cent.

    Sales in Asia for its latest fiscal year grew by 43 per cent, to contribute £66.4 million (US$88 million) to its total revenues of £290.6 million.

    During the year the company added 18 stores globally, taking its total to 71. In Asia it increased its concessions in South Korea from 44 to 54 and had strong sales in Japan where it has opened five more stores for a total of seven. Two stores were also opened in Hong Kong.

    As well as opening a store in New York City, the brand has launched an experiential concept store in London and upgraded its European headquarters.

    EBITDA was up 27 per cent to £37.5 million from the investment in new stores, e-commerce (where sales grew 54 per cent to £32.4 million) and new products such as its DM’s Lite range.

    Chairman Paul Mason is acting as CEO on an interim basis following the departure of Steve Murray. Owned by European private-equity firm Permira, Dr Martens saw its revenue and profits drop in the previous year, except in Asia where revenues rose 19 per cent.

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  • Brace yourself for Dr Martens expansion

    Brace yourself for Dr Martens expansion

    The global Dr Martens store network is set to double, despite lower revenue and profits in its latest trading year.

    Owned by European private-equity firm Permira, Dr Martens saw its revenue and profits drop as it closed wholesale accounts and invested in stores and online capacity. However, its revenues in Asia rose 19 per cent.

    That in part is inspiring the brand to mount an aggressive expansion strategy not only in Asia but worldwide.

    The company says its total revenue fell 4 per cent to £232.4 million (US$291.6 million) after it closed several “non-strategic” wholesale accounts to refocus its wholesale and export channels. Those wholesale cuts added up to as many as 250 accounts, resulting in a 14 per cent reduction in wholesale revenues to £160.2 million.

    Earnings before interest, tax, depreciation and amortisation (EBITDA) in the year to March 31 fell to £29.6 million from £39.1 million the previous year. This is attributed to “significant” investment in product, new stores and online capability”, while the company has seen “excellent performance” in key growth areas, such as a 24 per cent rise in direct-to-consumer revenue to reach £72.2 million, plus 25 per cent growth in retail sales to £51.2 million, with comparable sales up 5 per cent.

    Its eCommerce sales grew 20 per cent to £21 million, while in Asia there was 19 per cent growth to £46.3 million.
    During the year Dr Martens opened 11 stores and nine concessions, while online sales reached 9 per cent of total revenue. By year-end, its store base was 100 (including 44 concessions), and it plans to double that by 2021.

    The company says that 30 per cent of its sales now come from new product, compared to 14 per cent a year ago, while 79 per cent of sales come from outside the UK. With its international growth, it has set up regional president roles for the Americas, EMEA and Asia, plus global heads of product, IT, logistics, legal and eCommerce.

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