In an important shift in share distribution, Dr Martens has disclosed that IngreGrsy Limited, a company based in Guernsey, has secured a 38.46% interest in the iconic footwear brand. This acquisition positions IngreGrsy as the major shareholder amidst a strategy realignment within Permira’s investment fund.
The heritage bootmaker clarified in a proclamation that despite these recent changes, the governance of the Permira V fund remains constant, with the fund continuing to be under the ultimate direction of Permira V GP Limited and guided by the advice of Permira Advisers LLP.
The Griggs family sold Dr Martens to Permira back in January 2014 for a sum of £300 million.
 Having floated on the London Stock Exchange boasting a valuation of £3.7 billion in January 2021 under the stewardship of Permira, Dr Martens has since experienced a drastic 85% fall in share value. As of April 16, 2024, the market valuation has diminished to just £670 million, an unsettling trend that has accompanied the brand’s fifth earnings caution within a triple-year span.
Last month reported a considerable downturn in Dr Martens’ yearly earnings and revenue, exacerbated by a weakening appetite from the US market.
The boot company’s pre-tax profit suffered a steep decline, down almost 43% to £97.2 million for the fiscal year concluding on the 31st of March. Simultaneously, the year’s sales saw a drop of 12%, taking the total to £877 million.
Back in April, the company faced additional challenges as CEO Kenny Wilson announced his decision to resign in light of the brand’s difficult prospects. Ije Nwokorie, hitherto the chief brand officer, was named as his forthcoming successor, with the transition expected to be finalized by the culmination of the fiscal year.
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