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Dr Martens plans 100 new stores in five years

Dr Martens is planning to open 100 new stores and shop-in-shops over the next five years, after opening 11 own stores and nine shop-in-shops in the year to 31 March.

Sales fell by 4% to £232.4m on the previous year as the iconic footwear brand closed around 250 non-strategic wholesale accounts. EBITDA fell 24.3% to £29.6m.

The firm has been refocusing its wholesale and export channels over the past few years to ensure distributors ”support and enhance the brand”. Wholesale revenues were down 14% to £160.2m during the year as a result.

Direct-to-consumer sales (both retail and ecommerce) grew 24% to £72.2m year on year.

“As part of our strategy we identified the need to expand and upgrade our direct relationship with consumers at point of purchase, be it through our own stores, our partner stores or a much better web experience,” said chief executive Steve Murray. “This is working and it’s been particularly satisfying to see double-digit sales increases in our owned retail and ecommerce channels.

“Since the year-end, we’ve been pleased with how our new product continues to be received, especially our new DM’s Lite range, which was launched in September and is a strong complement to our Originals line.”

Around a third of revenues are from new products, such as the DM’s Lite range, which is the firm’s biggest footwear innovation since the first pair of Dr Martens was created in 1960. It takes the most iconic features of its original styles and fuses them with a super-lightweight sole.

Dr Martens now makes 79% of its sales outside of the UK, with particularly strong sales in Asia, rising by 19% to £46.3m during the year.

As reported by Drapers last month, Dr Martens plans to consolidate its workers from three existing offices in London’s Camden Town into a new 23,470 sq ft space at Camden Wharf, which will also house the business’s London showroom.

It has also signed a deal to open a new concept store at the recently restored and grade II-listed Tack Building within the Stables Market in Camden. It did not provide a timeframe for these two projects.

 

 

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