Asian markets help boost Doc Martens

Asian markets help boost Doc Martens

The company continues to grow across all of its key markets in line with its strategic priorities, achieving double-digit sales growth in retail, e-commerce and wholesale.

Revenue for the group is up 25% to £290.6m with EBITDA of 27% to £37.5m, reflecting investments in new stores, e-commerce and new products.

E-commerce saw the biggest growth in revenue at 54% to £32.4m, followed by direct to consumer at 42% to £111.3m and retail at 38% to £78.9m.

The brand has also seen the completion of 18 new store openings in this time across its core markets with the total number of stores now at 71.

Geographically the biggest boost has come from Asian markets with the increase geographic diversification in the region now representing 23% of revenue.

Revenues on the Asian continent increased by 43% overall, with Japan seeing a massive 88% increase.

Paul Mason, chairman of Dr Martens, said: “Despite a challenging retail environment, we have delivered double-digit growth across all areas of the business and continue to see the investments in our people, structure and operations as an integral part of our aim to deliver long-term sustainable growth.

“I would like to say a big thank you to our people for the progress they have made over the past twelve months.

“The strong performance we have seen demonstrates that our strategy is the right one. I would in particular like to thank Steve Murray.

“In his three years as Chief Executive, he has driven the business forward and has set us up well for the future. We wish him well in his next venture.

“As we enter the next phase of our history, we are well placed to deliver on our strategic priorities and achieve sustainable, global growth.

“We continue to move from strength to strength in our strategy while maintaining our core values of rebellion, durability, individuality and self-expression, which have always sat at the very centre of our iconic brand.”

Jon Mortimore, CFO of Dr Martens, said: “Dr Martens has had another exceptional year, achieving significant growth in our core markets.

“Our investment in international stores continues to deliver positive returns with considerable gains in retail sales, most notably in Asia.

“Revenue in that region finished up 43% to £66.4m and EBITDA grew 105% to £13.5m with particularly strong growth in Japan.

“We continue to build on our E-Commerce strategy with a 54% increase in online sales for the year. Our wholesale channel returned to growth, being up 16% following the targeted elimination of non-strategic accounts last year.

“Continued development of our new product offerings demonstrates the success of our team and the long-term durability of the Dr Martens brand.”

Dr Martens is a British footwear and clothing brand that has been popular in British culture for many decades.

In 2006, Griggs' 1960 Dr Martens AirWair boot was named in the list of British design icons which included Concorde, Mini, Jaguar E-Type, Aston Martin DB5, Supermarine Spitfire, Tube map, World Wide Web and the AEC Routemaster bus.

Published: 23 October 2017

Article by Chris Middleton
Share Article