Cult shoe brand Dr Martens has revealed plans to float on the London Stock Exchange for up to £3bn as it seeks to increase its global footprint.

The classic British footwear retailer is currently owned by private equity firm Permira, which wants to sell down its stake through a listing.

Dr Martens sells more than 11 million pairs of shoes and boots annually in over 60 countries. Celebrities including model Gigi Hadid, actress Kristen Stewart and singer Rihanna have dressed in the footwear.

Chief executive Kenny Wilson, who owns shares in the business, said: "It's a brand with great awareness around the world, it's performing extremely well - with phenomenal financials - and the most exciting this is... we've got so much growth ahead of us. There is so much opportunity."

The company sold £672m of stock and made underlying profits of £184m in the year to March 2020. It does not plan to raise any new money in the initial public offering as the business is highly cash-generative, Mr Wilson said.

He added: "Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style.

"We have invested massively to ensure that we deliver the best digital and store experiences to connect with our wearers and, through this, we are driving our long-term, sustainable growth."

The boot chain took off more than 50 years ago after a Northamptonshire-based family bought an air-cushioned sole from an army doctor to make boots more comfortable. The Griggs family sold a majority stake to Permira in 2013 in a deal worth €380m (£281m).

The shoes were initially made for workers but became popular with skinheads and punks in the 1960s and 1970s. The brand went on to experience a resurgence in the 1990s with the emergence of Britpop.

Bankers at Goldman Sachs and Morgan Stanley are working on the deal. Lazard is the financial adviser.