Dr. Martens

Founded 1960 by R. Griggs Group in the UK, licensed from German inventors Klaus Maertens and Herbert Funck. Permira funds acquired R. Griggs Group in January 2014 for 300 million pounds. Permira floated Dr. Martens plc on the London Stock Exchange in January 2021 at a 3.7 billion pound valuation. Permira has reduced its stake through staged sell-downs but remained the largest single shareholder at roughly 38% as of mid-2024. The company has issued five profit warnings since the IPO and the share price is down approximately 85% from its IPO level. New CEO Ije Nwokorie was appointed January 2025.

Private equity restructuring under Permira (2014-2021) accelerated offshoring to Asia that began in 2003 when UK manufacturing was wound down and over 1,000 British employees were laid off. The Guardian documented reader complaints about durability decline in 2019. Public markets scrutiny has intensified since the IPO. Made-in-England line remains as a premium tier but is a sliver of volume.