Shares in Dr. Martens fall as key shareholder steps away
Shares in Dr. Martens were down 11 per cent on Thursday afternoon after its largest shareholder sold a stake in the footwear giant.
Private equity group Permira Funds sold 65m shares, a year after it brought the bootmaker to market.
Permira, via its Luxembourg-based IngreLux fund, sold its shares at a price of 395p for total proceeds of around £257m.
It still owns over 364m shares, representing around a 36.4 per cent holding.
The private equity group acquired control of the retailer in 2013 for £300m and floated it back on the market last January via an initial public offering (IPO), leading to a market valuation of £3.7bn.
Analysts said Permira sold the shares at an opportune time as the retailer’s annual revenue growth is anticipated to slow over the next two years to 14 per cent, according to Refinitiv.
It comes as retailers are facing rising costs and supply chain issues.