Dr. Martens’ spin on its iconic silhouettes are proving lucrative for the brand.
The Northamptonshire, England-based firm today noted double-digit growth across all channels for its 2019 fiscal year ended March 31, as revenues climbed 30% to 454.4 million euros (or $509.6 million at current exchange), and profits vaulted up 70%, to 85 million euros ($95.3 million).
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Once again a bright spot, its core Originals range — featuring the best-selling 1460 black boot — grew by 28% during the year. More notably, however, the Fusion category climbed 84%, driven by its sandals business and the Quad platform shoe.
“With our relentless focus on the consumer and a mindset of continuous investment, we are committed to growing the brand for the long term while staying true to our purpose of empowering rebellious self-expression,” said CEO Kenny Wilson in a statement.
For the full year, Dr. Martens also logged solid direct-to-consumer growth, which now represents 44% of its total sales — up from 40% in 2018. DTC revenues rose 42% to 199.4 million euros ($223.6 million), with e-commerce increasing 67% to 72.7 million euros ($81.5 million).
The results come as the boot maker continues to increase its brick-and-mortar presence internationally, opening 20 new stores during the fiscal year across the United States and Europe, as well as Japan and Hong Kong. This also marks the firm’s first financial report since Wilson took over the top post at Dr. Martens in late May 2018. (The executive joined the company following a long stint at Levi’s and a more recent role at fellow British player Cath Kidston.)
In an exclusive interview with FN in April, Wilson said, “Clearly, the [fashion] is moving toward the chunkier workwear boots, but the improvements at the company are a lot more structural. Trends come and go, but this is a brand that will be here for the long term.”
Dr. Martens is perhaps best known for its ’90s-favorite boot — distinguished by its air-cushioned sole, yellow stitching and welted construction. The shoes, which gained recognition following the first wave of skinheads in the ’60s, returned to popularity among the ’70s punk-rock fashionistas and the ’90s Britpop youth. Today, A-list fans of the brand include David Beckham, Cardi B, Kanye West and Gigi Hadid.
See how these celebrities style their work boots.
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