Dr Martens’ ownership has been restructured, affecting its major stakeholders.
- Guernsey-based IngreGrsy now owns 38.46% of Dr Martens, replacing IngreLux in the Permira V fund.
- The ownership structure of Permira V remains largely unchanged, controlled by Permira V GP Limited.
- Dr Martens’ stock value has declined significantly since its listing on the London Stock Exchange.
- Kenny Wilson will step down as CEO amid ongoing financial challenges, with Ije Nwokorie stepping in.
Dr Martens, renowned for its iconic footwear, is experiencing a notable shift in its ownership structure. Guernsey-based IngreGrsy has replaced Luxembourg-based IngreLux, acquiring a 38.46% stake as part of a strategic restructure within the Permira V fund, managed by the global investment firm Permira. This change marks a significant development in the company’s shareholder dynamics.
Despite this alteration, the fundamental ownership and management framework of the Permira V fund remains consistent. It continues to be administered by Permira V GP Limited, with advisory input from Permira Advisers LLP. The private equity firm originally acquired Dr Martens from the Griggs family in January 2014 for £300 million. Under Permira’s stewardship, Dr Martens was publicly listed on the London Stock Exchange in January 2021, valued at £3.7 billion at that time.
However, the company’s financial trajectory has been less than favourable. Since its peak market valuation, the shares have plummeted by approximately 85%. Most recently, on 16 April 2024, Dr Martens’ valuation stood at £670 million, coinciding with its fifth profit warning in a mere three years. This ongoing financial turbulence culminated in the announcement that Kenny Wilson, the current chief executive, will resign at the end of the financial year. Wilson’s departure comes amidst a particularly challenging economic outlook, with his position being filled by Ije Nwokorie, effective from 1 February.
Permira’s portfolio also includes the Italian luxury brand Golden Goose, acquired in 2020 for €1.28 billion. Golden Goose is preparing for an initial public offering on the Euronext Milan, with a potential market capitalisation of up to €1.86 billion. The brand has set its share price range between €9.50 and €10.50, subject to shareholder approval.
The restructuring highlights ongoing changes within Dr Martens’ ownership as it navigates financial challenges.
