Dr Martens boss will get £58m payday in bumper £3.5bn stock market float

Dr Martens
Dr Martens

The chief executive of Dr Martens is set for a £58m windfall in a stock market listing tomorrow which could see the bootmaker valued for as much as £3.5bn.

Kenny Wilson, who has led the business since 2018, is one of a number of bosses in line for a combined fortune of £350m, The Sunday Times reported.

Dr Martens has flourished under its private equity owner Permira, which has invested in the company’s stores and online business, helping sales to soar almost six-fold to £672m since it took control in 2013.

Alongside Mr Wilson, whose stake is expected to be valued at £58m, chairman Paul Mason is among 22 senior staff who will have a share of the £350m fortune. A group of former employees will have shares worth £150m, with special cash bonuses set to be allocated across Dr Martens’ 2,200-strong workforce.

Dr Martens was founded more than 50 years ago after a Northamptonshire-based family bought an air-cushioned sole from an army doctor to make boots more comfortable. The Griggs family went on to offload its majority stake to Permira for €380m (£281m).

Dr Martens has enjoyed a renaissance in the fashion world that has made it popular with a wider audience than its punk beginnings - German Select /Streetstyleshooters 
Dr Martens has enjoyed a renaissance in the fashion world that has made it popular with a wider audience than its punk beginnings - German Select /Streetstyleshooters

The shoes were initially made for workers but became popular with skinheads and punks in the 1960s and 1970s. After falling out of fashion and almost collapsing in 2003, Dr Martens enjoyed a resurgence in popularity under industry veteran David Suddens who made the footwear popular with fashion influencers such as the model Gigi Hadid.

Dr Martens is among a string of firms including online card retailer Moonpig Group Plc and renewable power investment manager Foresight Group gearing up for a London listing this year.

UK-listed firms are becoming increasingly attractive to investors, helped by a long-awaited Brexit deal and optimism that the rollout of Covid-19 vaccines will help spur economic growth later in the year.

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