Dr Martens has announced a change in its ownership structure, designed to streamline operations within its parent company, Permira.
- Guernsey-based IngreGrsy has acquired a substantial 38.46% stake in the British footwear brand, Dr Martens.
- This acquisition resulted in IngreGrsy replacing IngreLux as the majority shareholder in the Permira V fund.
- Despite this shift, the overall structure of Permira’s ownership remains consistent, maintaining control under Permira V GP Limited.
- The change comes amidst financial changes within Dr Martens, with a significant drop in share price and leadership changes.
The British footwear brand, Dr Martens, has witnessed a major shift in its ownership with Guernsey-based IngreGrsy acquiring a 38.46% stake. This development is part of a strategic restructuring within its parent company, Permira, specifically within the Permira V private equity fund. The move positions IngreGrsy as the primary shareholder, replacing the previous majority holder, IngreLux.
Despite this significant change, the ownership structure remains predominantly the same, continuing under the guidance of Permira V GP Limited, advised by Permira Advisers LLP. Permira initially acquired Dr Martens from the Griggs family in 2014 for a substantial £300 million, reflecting its longstanding interest and investment in the iconic brand.
Dr Martens’ financial landscape has been challenging, with its share price plummeting by 85% since it was listed on the London Stock Exchange at a valuation of £3.7 billion in January 2021. As of April 2024, the company’s market valuation dwindled to £670 million, having issued multiple profit warnings over three years.
Coinciding with the financial evaluations published in April, Dr Martens announced a leadership transition. Current chief executive, Kenny Wilson, is set to resign at the conclusion of the financial year, with Ije Nwokorie stepping up from his role as chief brand officer. Nwokorie, who joined as a non-executive director in January 2021, will embark on this new leadership role as of 1 February.
In parallel developments, Permira’s portfolio continues to diversify. Notably, it owns Golden Goose, an Italian luxury sneaker brand acquired in 2020. Golden Goose confirmed its intentions to list on the Euronext Milan with a projected market capitalisation reaching €1.6 billion, marking another strategic financial manoeuvre by the equity firm.
The restructuring within Dr Martens’ ownership signifies a pivotal realignment designed to address financial and strategic challenges.
