Dr Martens’ profits soar

United Kingdom
Published:  14 August, 2019
Dr Martens' vegan boot

The iconic British footwear brand’s profits have skyrocketed by 70% to £85 million (US$ 102.6 million) with an increase in revenue to £454.4 million (US$ 548.4 million) in the year to 31 March 2019. The growth is primarily attributed to the success of the brand’s new vegan range of boots, which has boosted sales both in stores and online. 

According to Kenny Wilson, Chief Executive of Dr Martens, sales of its vegan range have increased by “multiple hundreds of per cent” in recent years, with vegan boots now accounting for 4% of the label’s overall sales. He added that he expected the range to continue to grow as more consumers ditch leather in favour of alternative materials.
Dr Martens’ vegan range replaces leather with a synthetic material the label refers to as “Felix Rub Off”, a material which the company claims performs “as well as the real thing” and is made using “absolutely no animal products”.
As of March 2019, Dr Martens operates 109 of its own stores, including two new locations in the UK and four new shops in the U.S.. Direct-to-consumer revenue in the period to March was also up 42% to £199.4 million (US$ 240.6 million), while wholesale grew 23% to £255 million (US$ 307.8 million). Online sales also rose by two-thirds to £72.7 million (US$ 87.7 million), accounting for 16% of total revenues for the company.
Earlier this year the business reinforced its commitment to British manufacturing, investing in its Northampton facility to increase the amount of shoes made in the UK.