Dr Martens, the renowned shoe retailer, is in the process of cutting costs significantly.
- A total of 150 head office jobs in the UK and US are currently at risk.
- These proposed job cuts are part of a cost-saving plan targeted at achieving £20-25m in savings.
- The cuts come as a response to a nearly 43% fall in the company’s pre-tax profits.
- CEO Kenny Wilson steps down amidst challenging economic conditions.
Dr Martens, a brand well-loved for its distinctive footwear, has initiated a cost-reduction strategy that places 150 roles at risk in its UK and US head offices. The planned redundancies affect departments including marketing, design, tech, ecommerce, and recruitment, located in London and Portland.
The announcement is part of a larger £20-25m cost-saving initiative. This plan was put in motion following a steep decline of nearly 43% in the company’s pre-tax profits, bringing them down to £97.2 million.
CEO Kenny Wilson, who is set to depart later this year, articulated the strategy’s necessity. He cited challenging economic climate pressures as the catalyst for streamlining operations and boosting organisational efficiency.
Wilson emphasised the company’s commitment to future growth while protecting as many jobs as possible, acknowledging the difficult decisions ahead. “We deeply value every member of our team – this step is in response to the challenging economic conditions we all face and is essential to navigate the current landscape while positioning ourselves for future growth, and critically, protecting the jobs of the many,” he explained.
Despite the looming cuts, the company assures its commitment to supporting affected employees during the transition. Organisational efficiency and operational streamlining are being prioritised in this phase to adapt and persevere in the current market environment.
Dr Martens navigates through economic challenges by implementing significant cost-saving measures while prioritising support for its workforce.
