Griggs family sell Dr Martens brand for £300m

The Griggs family has sold its boots brand Dr Martens to private equity group Permira for £300m

It is arguably one of the most famous shoe brands in the world, enjoying associations with a wide variety of sub-cultures, from the rebellious Mods to the more mainstream Miley Cyruses of the world. But as of yesterday Dr Martens no longer enjoys the status of being a family-run firm.

The R Griggs Group Limited, headed by Dr Martens founder Bill Griggs, has been acquired by Permira Funds for £300 million. The deal will be completed in January 2014.

The Permira group acquired a stake in Italian fashion label Valentino in 2007 and controls German label Hugo boss

Under Permira, Northampton-based Dr Martens plan to open more stores and develop more styles after seeing strong growth in Europe, the US and China.

In 2012, Dr Martens posted sales of £160.4m and a pre-tax operating profit of £22.9m, which is expected to grow to more than £30m this year.

David Suddens, CEO of Dr Martens, said: “The brand’s authenticity and the millions of customers who have used Docs as a symbol of self-expression for over half a century are what makes Dr Martens unique. The Permira Funds respect that heritage, and want to support the management team in nurturing it.”


Posted on October 29, 2013, in Other. Bookmark the permalink. Leave a comment.

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