In an impactful restructure, IngreGrsy now holds a significant 38.46% of Dr Martens, reshaping ownership under Permira’s fund.
- Dr Martens’ ownership dynamics shift as IngreGrsy replaces IngreLux as majority shareholder in Permira V.
- Despite ownership changes, Permira continues to manage Dr Martens’ influence over its operations and strategic direction.
- Dr Martens faces challenges with a substantial share price drop and multiple profit warnings, stressing financial restructuring.
- The leadership transition at Dr Martens sees Kenny Wilson step down, with Ije Nwokorie taking over amid strategic refocusing.
In a significant development in the corporate structure of Dr Martens, Guernsey-based IngreGrsy has acquired a substantial 38.46% stake, representing a strategic shift within the Permira’s buyout fund. This transition has marked a notable transfer of majority shareholding from Luxembourg-based IngreLux to IngreGrsy within Permira V, the private equity fund under the aegis of British firm Permira.
This reshuffle does not alter the overall control of the Permira V fund, which remains under the supervision of Permira V GP Limited, with advisory support from Permira Advisers LLP. The structural integrity of the fund remains intact, continuing under the established guidance and expertise of Permira, despite these pivotal shareholding adjustments.
Dr Martens has been under the ownership of Permira since January 2014, following an acquisition from the Griggs family for £300 million. Under Permira’s stewardship, Dr Martens achieved a public listing on the London Stock Exchange in January 2021, attaining a peak valuation of £3.7 billion. However, economic pressures have led to a sharp 85% decline in its share price, culminating in a valuation of £670 million as of April 2024, influenced by successive profit warnings over recent years.
In response to financial strains, Dr Martens announced a leadership change where Kenny Wilson is set to step down as chief executive by the financial year’s end. Wilson will be succeeded by Ije Nwokorie, the former chief brand officer, reflecting a strategic pivot towards brand focus and resilience. Nwokorie’s tenure began in February, having previously served as a non-executive director.
Meanwhile, Permira continues to expand its luxury brand portfolio with interests in notable entities like Golden Goose, which it acquired in 2020. The brand recently announced its intentions to list on the Euronext Milan, with a targeted market capitalisation of up to €1.86 billion, showcasing Permira’s active role in the luxury sector.
The ownership restructuring of Dr Martens under Permira, together with strategic leadership changes, underscores an adaptive response to prevailing market challenges.
