Dr. Martens Plc · LSE:DOCS
Dr. Martens — Investor Presentation (June 2025)
42 slides from Dr. Martens's investor presentation, Jun 5, 2025
Slide 1: Strategy Update
STRATEGY UPDATE05 JUNE 2025 DR. MARTENS PLC
Slide 2: Agenda
AGENDA 1 STRENGTHS 2 SHIFTS 3 LEVERS 2 DR. MAR T E N S STR ATEGY U P D ATE
Slide 3: Strengths
STRENGTHS 3 DR. MAR T E N S STR ATEGY U P D ATE
Slide 4: Strengths of the business today
STRENGTHS STRENGTHS OF THE BUSINESS TODAY + THE DR. MARTENS BRAND + OPERATIONS + FINANCIAL FUNDAMENTALS 4 DR. MAR T E N S STR ATEGY U P D ATE
Slide 5: Brand: premium product with broad appeal
STRENGTHS BRAND: PREMIUM PRODUCT WITH BROAD APPEAL Relevance across footwear Broad appeal of consumers Price architecture Market-leading NPS 5 DR. MAR T E N S STR ATEGY U P D ATE
Slide 6: Brand: partner commitment
STRENGTHS BRAND: PARTNER COMMITMENT “The iconic Dr. Martens brand has been an essential partner for us in our decades-long quest to enable the path of self-discovery for our youth consumer and celebrate bold self-expression. We are excited to deepen our exceptional partnership in this new chapter to
Slide 7: Operations: world class supply chain
STRENGTHS OPERATIONS: WORLD CLASS SUPPLY CHAIN UK X2 UK X1 NETHERLANDS X1 CANADA X1 SOUTH KOREA X1 JAPAN X1 CHINA X1 USA X2 PAKISTAN X1 HONG KONG X1 THAILAND X1 LAOS X2 VIETNAM X4 DC Tier 1 footwear factories + Strong long-term + Significantly increased + Enhanced flexibility of + Defect rate of les
Slide 8: Operations: sustainability embedded in everything we do
STRENGTHS OPERATIONS: SUSTAINABILITY EMBEDDED IN EVERYTHING WE DO PLANET PRODUCT PEOPLE Reducing our impact Moving towards a Supporting our employees, on the planet regenerative and circular the workers in our supply product lifestyle chain and wider communities 8 DR. MAR T E N S STR ATEGY U P D ATE
Slide 9: Operations: a modern systems architecture to underpin growth
STRENGTHS OPERATIONS: A MODERN SYSTEMS ARCHITECTURE TO UNDERPIN GROWTH ECOMMERCE RETAIL WHOLESALE + Significant investment over the past decade to build a modern technology architecture + 95% of our business now on CRM & Supply one global ERP Order Management System marketing and technology + CDP an
Slide 10: Strong financial fundamentals
STRENGTHS STRONG FINANCIAL FUNDAMENTALS + LARGE ADDRESSABLE MARKET + HIGH GROSS MARGIN PRODUCT + STRONG CASH GENERATION + STRENGTHENED BALANCE SHEET 10 DR. MAR T E N S STR ATEGY U P D ATE
Slide 11: Rebellious self-expression
REBELLIOUS S ELF-EXP RES S ION 11 DR. MAR T E N S STR ATEGY U P D ATE
Slide 12: Shifts
SHIFTS 12 DR. MAR T E N S STR ATEGY U P D ATE
Slide 13: 'DOCS' successfully capitalised on a strong trend for boots
SHIFTS ‘DOCS’ SUCCESSFULLY CAPITALISED ON A STRONG TREND FOR BOOTS - HISTORIC REVENUE GROWTH - INCREASED BRAND AWARENESS GLOBALLY - ELEVATED BRAND PRESENTATION ACROSS DTC AND WHOLESALE - PROTECTED BRAND FROM OVER- STRETCH AND OVER-DISTRIBUTION 13 DR. MAR T E N S STR ATEGY U P D ATE
Slide 14: However, 'DOCS' resulted in significant commercial, financial and operational challenges
SHIFTS HOWEVER, ‘DOCS’ RESULTED IN SIGNIFICANT COMMERCIAL, FINANCIAL AND OPERATIONAL CHALLENGES Decline in new consumer recruitment and increase in % pairs sold through clearance - EXPENSIVE COST BASE - HIGH LEVELS OF INVENTORY - RECRUITMENT OF LESS LOYAL CONSUMERS % pairs sold through clearance New
Slide 15: 'DOCS' narrow, channel-led approach limited flexibility
SHIFTS ‘DOCS’ NARROW, CHANNEL-LED APPROACH LIMITED FLEXIBILITY IN A CHANGING MARKET - NARROW DTC-LED DISTRIBUTION MODEL - NARROW FOCUS ON BOOTS - NARROW FOCUS ON STYLE CONSCIOUS CONSUMERS 15 DR. MAR T E N S STR ATEGY U P D ATE
Slide 16: Channel first to consumer first
FROM TO CHANNEL CONSUMER FIRST FIRST “BUILD IT AND THEY WILL COME” “EARN THE RIGHT WITH EACH WEARER” 16 DR. MAR T E N S STR ATEGY U P D ATE
Slide 17: Levers
LEVERS 17 DR. MAR T E N S STR ATEGY U P D ATE
Slide 18: To be the world's most desired premium footwear brand
LEVERS AMBITION TO BE THE WORLD’S MOST DESIRED PREMIUM FOOTWEAR BRAND 18 DR. MAR T E N S STR ATEGY U P D ATE
Slide 19: Our levers for growth
LEVERS OUR LEVERS FOR GROWTH CONSUMER PRODUCT MARKETS ORGANISATION 19 DR. MAR T E N S STR ATEGY U P D ATE
Slide 20: Consumer
LEVERS CONSUMER ENGAGE MORE CONSUMERS 01 02 03 LEAD MARKETING DELIVER A BUILD POST- WITH PRODUCT, SEAMLESS OMNI- PURCHASE GROUNDED IN CHANNEL ENGAGEMENT TO COMFORT, CRAFT AND EXPERIENCE INCREASE PURCHASE CONFIDENCE TAILORED TO EACH FREQUENCY AND CONSUMER CONSUMER SPEND 20 DR. MAR T E N S STR ATEGY U
Slide 21: Broaden focus across wearer segments, with Craft Curators a significant opportunity
LEVERS WE WILL BROADEN OUR FOCUS ACROSS OUR WEARER SEGMENTS, WITH “CRAFT CURATORS” A SIGNIFICANT OPPORTUNITY OVER TIME “Style Seekers” “Craft Curators” “Alternative Individuals” Consumers who buy for Consumers who buy for Consumers who buy for trends product quality individuality Purchase drivers Tr
Slide 22: From rebellious self-expression
FROM REBELLIOUS SELF-EXPRESSION 22 DR. MAR T E N S STR ATEGY U P D ATE
Slide 23: To
TO 23 DR. MAR T E N S STR ATEGY U P D ATE
Slide 24: DR. MAR T E N S STR ATEGY U P D ATE
24 DR. MAR T E N S STR ATEGY U P D ATE
Slide 25: Product
LEVERS PRODUCT DRIVE MORE PURCHASE OCCASIONS 01 02 03 04 REINFORCE MANAGE HERO EXTEND OUR INNOVATE TO PREMIUM PRODUCT FAMILIES OFFER IN SANDALS, ENHANCE POSITIONING OF TO OPTIMISE BAGS AND OTHER COMFORT, OUR ICONS NEWNESS ACROSS ADJACENT LIGHTNESS AND THROUGH CATEGORIES SUSTAINABILITY DIVERSE WEARIN
Slide 26: Markets
LEVERS MARKETS CURATE MARKET-RIGHT DISTRIBUTION 01 02 03 EXPAND B2B THROUGH BUILD A ENTER NEW GROWTH LONG-TERM PRODUCT DIFFERENTIATED MARKETS WITH AND MARKETING DTC FOOTPRINT TO CAPITAL-LIGHT PARTNERSHIPS WITH ELEVATE THE DISTRIBUTION MODELS TOP-TIER ACCOUNTS BRAND, ALIGNING OPERATING MODELS TO EACH
Slide 27: 0.7% market share; 70% of profits at £100+ price points
LEVERS 0.7% MARKET SHARE; 70% OF PROFITS AT £100+ PRICE POINTS CURRENT RSV £1.3B Source: Statista 2025 27 Opportunity defined as uncaptured value within total market size across top 15 or 45 markets, DR. MAR T E N S STR ATEGY U P D ATE calculated as relevant population × average annual footwear spen
Slide 28: Curate market-right distribution
LEVERS CURATE MARKET-RIGHT DISTRIBUTION RETAIL ECOMMERCE FRANCHISE/ WHOLESALE DISTRIBUTOR + Consumer experience + Ease of shopping + Establish presence + Product breadth awareness + Personalisation + Introduce the brand to + Compare products + Education + Integrate with social and market across bran
Slide 29: Curate market-right distribution
LEVERS CURATE MARKET-RIGHT DISTRIBUTION HIGHER BRAND AWARENESS DISTRIBUTOR/ DTC-LED FRANCHISE FRAGMENTED CONCENTRATED MARKET MARKET DISTRIBUTOR WHOLESALE -LED LOWER BRAND AWARENESS 29 DR. MAR T E N S STR ATEGY U P D ATE
Slide 30: Significant opportunity in wholesale distribution
LEVERS SIGNIFICANT OPPORTUNITY IN WHOLESALE DISTRIBUTION BRAND EXPOSURE IN THE ONLINE MARKETPLACE March 2025, UK and US markets Luxury Pinnacle Premium Mass Value Competitors 1 1 2 3 4 5 March 2025, excludes discounted product, footwear category only. Note: Size of bubble = number of options x numbe
Slide 31: Organisation
LEVERS ORGANISATION SIMPLIFY THE OPERATING MODEL 01 02 03 SIMPLIFY HOW WE OPTIMISE THE COST BUILD A CULTURE OF WORK TO DRIVE BASE TO SUPPORT EXCELLENCE, CARE, AND EFFICIENCY, SCALE STRATEGIC ACCOUNTABILITY, AND SPEED PRIORITIES STRENGTHENING ORGANISATIONAL CLARITY, TALENT DEVELOPMENT AND DISCIPLINED
Slide 32: Buzz case study
LEVERS BUZZ CASE STUDY + CONSUMER: 56% of Buzz purchasers were new to the brand + PRODUCT: Bestselling product with global sell-through >75% by week 3 + MARKETS: Key wholesale accounts sell-through in 2 weeks, leading to additional purchases for AW25 + ORGANISATION: Cross functional working througho
Slide 33: Scale, pivot, stabilise
LEVERS SCALE PIVOT STABILISE FY25 FY26 FY27 FY28 33 DR. MAR T E N S STR ATEGY U P D ATE
Slide 34: Medium-term financial targets
LEVERS MEDIUM-TERM FINANCIAL TARGETS + PROFITABLE REVENUE GROWTH ABOVE THE RATE OF THE RELEVANT FOOTWEAR MARKET + OPERATIONAL LEVERAGE TO DRIVE MID TO HIGH TEENS EBIT MARGIN + UNDERPINNED BY STRONG CASH GENERATION 34 DR. MAR T E N S STR ATEGY U P D ATE
Slide 35: FY26 objectives
LEVERS FY26 OBJECTIVES CONSUMER PRODUCT REDUCE THE RELIANCE ON DISCOUNTED DRIVE PAIRS GROWTH IN PRODUCT (“OFF-PRICE”) PAIRS IN AMERICAS FAMILIES SUCH AS BUZZ, ZEBZAG AND WHOLESALE LOWELL MARKETS ORGANISATION OPEN IN NEW MARKETS THROUGH A SIMPLIFY OUR OPERATING MODEL CAPITAL-LIGHT STRUCTURE 35 DR. MA
Slide 36: Summary
SUMMARY + WE WILL LEVERAGE THE STRENGTHS WE HAVE: BRAND, OPERATIONS AND FINANCIAL FUNDAMENTALS + MARKET OPPORTUNITY IS SIGNIFICANT + EXECUTION OF OUR NEW STRATEGY IS UNDERWAY WITH CLEAR PRIORITIES FOR FY26 36 DR. MAR T E N S STR ATEGY U P D ATE
Slide 37: Q&A
37 Q&A DR. MAR T E N S FY25 RESULTS
Slide 38: Appendix
APPENDIX + IR CONTACT DETAILS + LEVERS FOR GROWTH + CAUTIONARY STATEMENT 38 DR. MAR T E N S STR ATEGY U P D ATE
Slide 39: Investor relations contact details
Appendix INVESTOR RELATIONS CONTACT DETAILS BETHANY BARNES BETH FIONDA Director of Investor Relations Investor Relations Manager Bethany.Barnes@drmartens.com Beth.Fionda@drmartens.com +44 7825 187465 +44 20 3995 2644 39 DR. MAR T E N S STR ATEGY U P D ATE
Slide 40: Ambition: to be the world's most desired premium footwear brand
Appendix AMBITION: TO BE THE WORLD’S MOST DESIRED PREMIUM FOOTWEAR BRAND CONSUMER ENGAGE MORE CONSUMERS + Lead marketing with product, grounded in + Deliver a seamless omni-channel + Build post-purchase engagement to comfort, craft and confidence experience tailored to each consumer increase purchas
Slide 41: Cautionary statement
Appendix CAUTIONARYSTATEMENT Cautionary statement relating to forward-looking statements obligation to update any forward-looking statements, whether as a result of Announcements, presentations to investors, or other documents or reports filed new information, future events or otherwise. The reader
Slide 42: Dr. Martens plc
Dr. Martens plc drmartensofficial