'Bovver boot' Docs join upmarket brand stable

Dr Martens' products are sold in 63 countries. Photo / File

British boot brand Dr Martens has been snapped up by private equity firm Permira in a £300 million ($584 million) deal, ending more than 50 years of family ownership.

It means the boots - footwear of choice for generations of skinheads, punks and students - will join a stable of brands which also includes Hugo Boss and New Look.

The Northamptonshire-based Griggs family, who have been making shoes since 1901, will retain control of around 20 per cent of the business.

Dr Martens employs 700 people worldwide, including 350 in the UK, and its products are sold in 63 countries.

The deal, expected to be completed in January, will see Permira take control of parent company R Griggs.

Chief executive David Suddens says the brand's authenticity and the millions of customers who have used "Docs" as a symbol of self-expression for over half a century are what makes Dr Martens unique.

"The Permira funds respect that heritage and want to support the management team in nurturing it," Suddens said.

Cheryl Potter, partner and head of the consumer sector team at Permira, says Dr Martens is an iconic brand with a passionate fan base.

Dr Martens has enjoyed a revival in fortunes in recent years as a new generation of stars such as Miley Cyrus, Emma Watson and Agyness Deyn took up the "bovver boots" whose popularity had been on the wane.

The brand last year made 15.3 million pre-tax profits on revenues of 110 million. Permira is thought likely to try to expand Dr Martens' online and store presence into new international markets.

The Griggs family started producing the Dr Martens boots in 1960 after the development of a revolutionary air-cushioned sole by the Germans Klaus Martens and Herbert Funck. It still pays an annual fee to the families of the two men.

Production was moved to Asia, but the original Northamptonshire factory was reopened in 2007 to produce vintage styles.

- AP