Dr Martens has shot itself (and London) in the foot with profit warnings | Nils Pratley

Bootmaker’s reversal of its growth promises has damaged the reputation of the UK IPO market

Within the flaky crop of post-lockdown flotations in London in early 2021 – think Made.com (bust) and Deliveroo (shares down 76%) – Dr Martens was supposed to be a beacon of solidity. The company arrived spouting standard management babble about the strength of the brand and the global opportunity, but the pitch sounded more grounded than the hopeful boasts from the techie brigade.

The classic eight-holed 1460 boot, after all, has been around since 1960 and has proved its ability to survive fashion cycles. The company had had a rinse through private equity’s wringer, which is rarely a good sign, but Permira during its seven years of ownership had also pushed international expansion from Japan to the US.

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