In a significant reshuffle of ownership, Guernsey-based entity IngreGrsy acquired a substantial stake in Dr Martens, amidst financial and executive transitions.
- IngreGrsy has replaced IngreLux as the primary shareholder in Permira V, part of a structural adjustment by Permira.
- Despite ownership changes, control within Permira V remains steady, ensuring continuity in its overarching structure.
- Dr Martens has faced financial challenges, marked by a substantial dip in share price and recent profit warnings.
- Amidst these changes, leadership within Dr Martens is evolving, with Ije Nwokorie stepping in as the new CEO.
In a significant shift in ownership, Guernsey-based IngreGrsy has acquired a 38.46% stake in Dr Martens as part of a strategic restructure within Permira’s buyout fund. This development underscores a change in dynamics within Permira V, with IngreGrsy taking over from IngreLux as the majority shareholder in the global investment firm’s fund. Despite this reshuffling of shares, the Permira V fund remains under the control of Permira V GP Limited, thereby ensuring continuity in the fund’s governance.
Dr Martens, which was initially acquired by Permira from the Griggs family in January 2014 for £300 million, was listed on the London Stock Exchange in 2021 at a valuation of £3.7 billion. However, the brand has seen its share price plummet by approximately 85%, culminating in a valuation of £670 million as of April 2024. This decline has been accompanied by the issuance of multiple profit warnings over the past three years, highlighting ongoing financial challenges.
As part of the company’s response to these difficulties, Kenny Wilson, the outgoing chief executive, will be succeeded by Ije Nwokorie, the current chief brand officer. Nwokorie began his tenure as a non-executive director in January 2021 and assumed his new role at the helm on February 1, 2024. His leadership is anticipated to navigate Dr Martens through its current financial landscape.
Permira also maintains interests in luxury brands, notably owning Golden Goose, an Italian luxury sneaker brand acquired for €1.28 billion in 2020. Golden Goose recently confirmed its plans to list on the Euronext Milan, aiming for a market capitalization of up to €1.86 billion in its initial public offering (IPO). The proposed share price range is set between €9.50-10.50 per share, targeting a successful debut on the stock market.
The strategic reconfiguration of Dr Martens’ ownership reflects broader changes and challenges within the brand’s financial and operational landscape.
