In a strategic move, Dr Martens’ ownership has seen a significant change as IngreGrsy acquires a 38.46% stake in the company.
- The restructuring sees IngreGrsy take over from IngreLux as the majority stakeholder in the Permira V fund.
- Despite the change in shareholding, Permira retains ultimate control of Dr Martens.
- Dr Martens has experienced financial challenges, with its valuation dropping significantly since 2021.
- Changes in leadership are underway, with a new CEO scheduled to take office.
In an important shift for the iconic British footwear brand, Dr Martens’ ownership framework has been restructured. Guernsey-based IngreGrsy has acquired a 38.46% stake, stepping in as the majority shareholder of the company. This change comes as part of a broader realignment within the owner Permira’s buyout fund.
The newly established arrangement positions IngreGrsy as the successor to Luxembourg-based IngreLux as the primary stakeholder of the Permira V fund. However, it has been clarified that while this transition marks a notable shift, the overarching control of Dr Martens remains with Permira V GP Limited, under the advisory of Permira Advisers LLP.
Permira, known for its investment in diverse brands, initially acquired Dr Martens from the Griggs family in 2014, at the cost of £300 million. Under Permira’s stewardship, the brand was successfully listed on the London Stock Exchange in January 2021, with an impressive valuation of £3.7 billion.
However, the journey has not been without its setbacks. The share price of Dr Martens has plummeted by 85%, bringing the valuation down to £670 million as of 16 April 2024. This decline has been part of the challenging financial landscape the company has navigated, issuing its fifth profit warning within three years.
Coinciding with the daunting financial results, Dr Martens announced a leadership transformation, with CEO Kenny Wilson stepping down amid these turbulent times. He is set to be succeeded by Ije Nwokorie, formerly the chief brand officer, who assumed his role on 1 February after serving as a non-executive director since 2021.
In other related corporate movements, Permira’s portfolio includes Golden Goose, an Italian luxury sneaker brand acquired for €1.28 billion in 2020. Golden Goose recently announced plans to list on the Euronext Milan, setting an ambitious IPO price range and seeking a market capitalisation of up to €1.86 billion.
The reshuffle in Dr Martens’ shareholding marks a pivotal development amid ongoing financial challenges and executive changes, reaffirming Permira’s ongoing strategic engagements.
