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Dive Brief:
Dr. Martens revenue fell 10% in its 2025 fiscal year to 787.6 million pounds, or about $1.1 billion, according to a press release Thursday.
The London-based footwear brand’s revenue fell by 11% in both the Americas region and in the combined Europe, Middle East and Africa region. Revenue in Asia Pacific fell 4%.
As it enters its next fiscal year, Dr. Martens said it was shifting its approach from a channel-first to a consumer-first mindset and has instituted a transformation plan focused on growth.
Dive Insight:
Dr. Martens’ focus in fiscal 2025 was bringing stability back to the company, newly appointed CEO Ije Nwokorie said in the release. The company did this by bringing the DTC channel in the Americas back to growth, which had been a particular focus for the company. Dr. Martens also reset its marketing approach and strengthened its balance sheet, Nwokorie added.
For the year, the company’s total DTC revenue fell 4.2%, while its wholesale revenue fell almost 20% compared to last year.
The new Levers For Growth plan will “give more people more reasons to buy more of our products,” Nwokorie said, with the underlying goal of becoming the world’s most-desired premium footwear brand.
The plan focuses on four pillars: engaging more consumers, driving more product purchase occasions, curating market-right distribution and simplifying the operating model.
The strategy is meant to capitalize on the company’s strengths while tapping into new markets. In the medium term, Dr. Martens expects to see revenue growth “above the rate of the relevant footwear market.”
Dr. Martens said it has significant untapped market opportunity, with its retail sales accounting for 0.7% of the total relevant market in its 15 largest markets.
The company said it has already begun implementing parts of its growth strategy, including launching the new “Buzz” product family and entering multi-year plans with wholesale and distributor partners.
Dr. Martens has recently brought on new executives in addition to Nwokorie, including Carla Murphy as chief brand officer and Paul Zadoff as president of the Americas.
However, the brand is still without a creative director after the January exit of Darren McKoy.