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Dr Martens unveils growth plan to expand footwear range after profit plunge

Cost savings alongside US direct-to-consumer growth underpin a consumer-first pivot into shoes, sandals and bags

A pair of Dr. Martens boots seen through the window of a Dr Martens shop in London, Britain, September 17, 2020. REUTERS/Simon Newman/ File Photo
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The company will look to widen its appeal beyond its familiar boots to other footwear and leather goods
Dr Martens began life 65 years ago as a tiny German company making orthopaedic boots, before becoming the go-to brand for punks, skinheads and goths

Overview

  • Revenue dropped 10% to £787.6m in 2024 as adjusted EBIT fell to £60.7m, reflecting sustained UK market weakness.
  • Ije Nwokorie’s ‘Levers for Growth’ strategy targets mid- to high-teens EBIT margins by broadening product offerings beyond signature boots.
  • Annualised cost savings of £25m and renewed US direct-to-consumer expansion helped return the Americas channel to growth in the second half.
  • A 46% reciprocal US tariff on Vietnamese-made goods set for July threatens margins and has led to cautious pricing decisions.
  • The group forecasts underlying profits to rise significantly in the year ahead, with analysts expecting a jump to £54m–£74m.