Asia gives Dr Martens revenues a kick along
A strong performance in Asia has helped boost UK footwear brand Dr Martens revenues by 25 per cent.
Sales in Asia for its latest fiscal year grew by 43 per cent, to contribute £66.4 million (US$88 million) to its total revenues of £290.6 million.
During the year the company added 18 stores globally, taking its total to 71. In Asia it increased its concessions in South Korea from 44 to 54 and had strong sales in Japan where it has opened five more stores for a total of seven. Two stores were also opened in Hong Kong.
As well as opening a store in New York City, the brand has launched an experiential concept store in London and upgraded its European headquarters.
EBITDA was up 27 per cent to £37.5 million from the investment in new stores, e-commerce (where sales grew 54 per cent to £32.4 million) and new products such as its DM’s Lite range.
Chairman Paul Mason is acting as CEO on an interim basis following the departure of Steve Murray. Owned by European private-equity firm Permira, Dr Martens saw its revenue and profits drop in the previous year, except in Asia where revenues rose 19 per cent.