MADE STRONG
DR. MARTENS PLC
ANNUAL REPORT 2024
MADE STRONG
SINCE 1960.
Reflecting on a year of challenges, we stand firm
in our belief that our fundamentals remain strong.
Despite macroeconomic shifts, our commitment to
building on our brand has remained unwavering.
As we look forward to the year ahead, we will focus on
relentless product innovation, compelling product marketing
and expanding brand engagement across our key markets.
Alongside this we will be laser-focused on cost efficiency
and driving savings where possible.
STRATEGIC REPORT
Highlights 1
A strong sense of purpose 2
At a glance 4
Chair’s Statement 6
CEO’s Statement 10
Market review 14
Our business model 16
Stakeholder engagement and
Section 172 Statement 18
Our strategy 22
Our strategy in action 24
Key performance indicators 30
Finance Review 32
Risk management and our principal risks 38
Viability assessment and going concern 44
Sustainability 46
Our TCFD disclosures 75
Non-financial and sustainability
information Statement 84
GOVERNANCE
Chair’s introduction to governance 86
Governance at a glance 90
Board of Directors 92
Governance Report 96
Global Leadership Team 100
Our stakeholders 101
Our culture 106
Nomination Committee Report 108
Remuneration Committee Report 116
Remuneration Report 119
Audit and Risk Committee Report 134
Directors’ Report 144
FINANCIAL STATEMENTS
Independent Auditors’ Report 150
Consolidated Statement of Profit or Loss 160
Consolidated Statement of
Comprehensive Income 161
Consolidated Balance Sheet 162
Consolidated Statement of Changes in Equity 163
Consolidated Statement of Cash Flows 164
Notes to the Consolidated
Financial Statements 165
Parent Company Balance Sheet 208
Parent Company Statement
of Changes in Equity 209
Notes to the Parent Company
Financial Statements 210
ADDITIONAL INFORMATION
Five-year financial summary (unaudited) 217
First half/second half analysis (unaudited) 219
Glossary and Alternative
Performance Measures (APMs) 220
Shareholder information 222
Company information IBC
drmartensplc.com
Dr. Martens plc
drmartensofficial
EBITDA
1
£m
£197.5M
Constant currency: £205.7m
2023: £245.0m
Launched new brand platform
MADE
STRONG
Product
Launch of our authorised
REPAIR
service in the UK
PBT £m
£93.0M
2023: £159.4m
Wholesale revenues down
28%
People
100%
of our Tier 1 and Key Tier 2 suppliers
CSR audited met our high standards
1
Pairs m
11.5M
2023: 13.8m
Direct-to-consumer (DTC)
revenue up 2%
£533.1M
Planet
Sourced
93.5%
of the electricity for our EMEA and UK
operations from renewable sources
Revenue £m
£877.1M
Constant currency: £904.7m
2023: £1,000.3m
TRANSFORMATION
OF OUR NORTH AMERICAN
DISTRIBUTION CENTRE NETWORK
Product
Launch of our
RESALE
platform in the USA
FINANCIAL HIGHLIGHTS
OPERATIONAL HIGHLIGHTS
SUSTAINABILITY HIGHLIGHTS
1. EBITDA – Earnings before exchange gains/losses, finance income/expense, income tax,
depreciation and amortisation.
1. Audit results above 75% scoring for Tier 1, and above 70% for Key Tier 2, in line with
Intertek Workplace Conditions Assessment scoring methodology.
HIGHLIGHTS
STRATEGIC REPORT
1DR. MARTENS PLC ANNUAL REPORT 2024
AT A GLANCE P4 OUR STRATEGY P22
What we stand for
Our purpose is to empower
Rebellious Self Expression.
Our responsibility is to act as brand
custodians. Our aim is to deliver
long-term value for the business.
This is where Dr. Martens is
heading. This is what we’re working
towards together.
What we do
The business is focused on executing its tried and tested
DOCS strategy:
DIRECT-TO-CUSTOMER FIRST
 Weaimtobuildbrandequityanddrivemarginexpansion.
ORGANISATIONAL AND OPERATIONAL
EXCELLENCE
 Weareinvestinginandimprovingourorganisation,
operationsandITtoenablegrowthandunlockvalue.
CONSUMER CONNECTION
 Wearefocusedonacquiringnewconsumers
anddrivingloyalty.
SUPPORT BRAND EXPANSION WITH B2B
 WeaimtomanageB2B,whichismadeupofwholesaleand
distributors,holisticallyandpurposefullytosupportourbrand.
A STRONG SENSE OF PURPOSE
WHAT WE’RE
WORKING
TOWARDS
2 DR. MARTENS PLC ANNUAL REPORT 2024
TOGETHER
STAKEHOLDER ENGAGEMENT P18 SUSTAINABILITY P46
ENVIRONMENT &
COMMUNITIES
SUPPLIERS
PARTNERS
OWNERS
OUR PEOPLE
CONSUMERS
Who we work for Why we do it
Therearethreecorevaluesattheheartof
RebelliousSelfExpression.Theynever
standalone,butworktogethertosupport
whatRebelliousSelfExpressionisfor
Dr.Martens.Ourvaluesare:
BE YOURSELF
 Wewantourpeopletodowhattheyare
brilliantat.Beingthemselvesistheir
superpowerandit’sthevaluetheybring
toworkeveryday.
ACT COURAGEOUSLY
 Wewantourpeopletotrynewthings,let
othersseeoursuccessesandmistakes,
sowecanalllearn.
SHOW YOU CARE
 Ourpeopleshouldthinklikeanownerto
advancethebrandfirstandcollaborate
acrossfunctionsandregions.
Dr.Martensisfocusedondeliveringsustainable
andprofitablegrowthtodrivelong-termvalue
forthebrandanditsshareholders:
3DR. MARTENS PLC ANNUAL REPORT 2024
STRATEGIC REPORT
INVESTMENT CASE: OUR UNIQUE PROPOSITION
Webelievethatourcompetitivestrengthsarewhatsetusapartandpositionustosucceedinarapidlychangingworld.
MAIN-LINE AMP
Originals
40% 5%
Fusion
36%
Casual
11%
14XX
<1%
Collabs Archive & Made In England
ICONIC, GLOBAL BRAND
TheuniqueDNAofthe1460
bootispreservedacrossall
ourproducts,sittingatthecore
ofourproductstrategy.
BRAND-FIRST DTC-LED
STRATEGY
OurDOCSstrategyisabout
sellingtomorepeople,through
ourowndirect-to-consumer
(DTC)channel.
SIGNIFICANT MARKET
OPPORTUNITY
Weareaglobalbrandwitha
focusonsevenprioritymarkets
–UK,USA,Japan,Germany,
Italy,FranceandChina.
AT A GLANCE
OUR UNIQUE DNA
Ourproductrangeiscentredonouroriginalsandmadeupoftwogroups,main-lineandAMP.
Kids (4%)
Accessories (4%)
A GLOBAL
74%
brandawareness
15%
averageannualDTCrevenue
growthsinceFY20
85%
ofrevenuesfrom
prioritymarkets
4 DR. MARTENS PLC ANNUAL REPORT 2024
Owned and operated Owned and operated
Distributors
Owned and operated
Distributors
APPEALING TO A BROAD
CONSUMER BASE
Abalanceddemographicmix
ofconsumersacrossallmetrics,
includinggender,age,income
levelandgeography.
1. The remaining 1% are those that don’t identify as male or female.
ROBUST FINANCIALS
Thebusinessgeneratesa
stronggrossmarginandis
highlycashgenerative.
CUSTODIANSHIP CULTURE
Dr.Martensculturehas
‘custodianship’atitscoreandwe
arecommittedtostandingbyour
beliefinleavingthingsbetterthanwe
foundthemforthenextgeneration.
SEE MORE ONLINE
DRMARTENSPLC.COM/INVESTORS/INVESTMENT-CASE
OUR MARKETS
OurDOCSstrategyisaboutsellingmorepairsofboots,shoesandsandals,
tomorepeople,throughourownDTC,inoursevenprioritymarkets.
EMEA AMERICAS APAC
OWN
STORES
102
2023:8
THIRD-PARTY
STORES
–
2023:3
DTC MIX
+8%pts
2023:+4%pts
OWN
STORES
61
2023:54
THIRD-PARTY
STORES
4
2023:4
DTC MIX
+8%pts
2023:+1%pts
OWN
STORES
76
2023:62
THIRD-PARTY
STORES
70
2023:112
DTC MIX
+10%pts
2023:+4%pts
£431.8M
revenue
2023:£443.0m
£325.8M
revenue
2023:£428.2m
£119.5M
revenue
2023:£129.1m
BRAND ICON
43/56
1
%
male/femalesplit
7%
averageannualrevenue
growthsinceFY20
FY40
Net-ZerotargetbyFY40
STRATEGIC REPORT
5DR. MARTENS PLC ANNUAL REPORT 2024
In last year’s Annual Report
I shared my disappointment
that, whilst we’d reached £1bn
of revenue, growth had been
below expectations and we’d
made execution mistakes
which had impacted our
performance.
TheweaknessintheAmericas
performanceisinpartduetothewholesale-
reliantnatureofthisbusiness,whichhas
meantthatwidespreadcautionfrom
wholesalecustomershashadasignificant
impact.I’dcontrastthiswithourJapanese
business,whereDTCaccountsforthe
significantmajorityofourrevenueandwe
hadamuchstrongerperformance.Aswe
looktoFY25andbeyond,wemustensure
thatwebuildbackinamoreresilientand
sustainableway,withtherightbalance
ofwholesalepartnersandaDTC-first
approach,toreducetheimpactoffuture
wholesalecycles.
FY24hasbeenanotherdisappointingyear,
withachallengingconsumerenvironment
intheUSA,particularlyinourcoreboots
category,combinedwithourbrand
implementationinthismarketnotbeing
asstrongasitshouldhavebeen.
AtaGrouplevel,revenuedeclinedby9.8%
(constantcurrencybasis)to£877.1m.
Withintheseresultsthereisamixedpicture
regionally,withEMEAandAPACrevenues
broadlyflat,butAmericasseeinga
significantstepdown.EBITDAof£197.5m
comparedwith£245.0mlastyear.Profitwas
furtherimpactedbyincreaseddepreciation
andamortisationchargesasaresultofour
ongoinginvestmentprogrammes,together
withsignificantlyhighernetinterestcharges.
PAUL MASON, CHAIR
CHAIR’S STATEMENT
DOING
THE RIGHT
THING
6 DR. MARTENS PLC ANNUAL REPORT 2024
Asourguidanceindicates,wefaceatough
outlookforFY25,withourUSAwholesale
customersnotexpectedtofullyrestockthis
year,andinflationcomingthroughinour
operatingcostbase,withouttheusual
benefitofpriceincreasestooffsetatleast
someofthiscost.Thisbackdropalso
meansthatthereismoreuncertaintyaround
ourfullyearoutturnthanisusuallythecase.
Icanassureourinvestorsthatwewilllook
todelivercostsavingsandefficiencies
whereverpossible,whilstprotectingthe
brandandourfuturegrowthprospects.
Westillremainveryconfidentinthe
headroomforourbrandinthemediumto
longterm,andwewilltakeastepchangein
ourbrandcommunicationstoensureour
marketingisfocusedonourproductoffering,
whichwillbeanimportantpartofreigniting
bootsdemand,particularlyintheUSA.
This was another
disappointing year
for our business in a
challenging external
environment. Against
this backdrop, our brand
remains strong and I
remain exceptionally
proud of the passion and
dedication of our people.
PAUL MASON
Non-Executive Chair
Governance
Afewweeksagowewelcomedournew
CFO,GilesWilson,followingtheretirement
ofJonMortimoreinMarch.Gilesbringswith
himawealthofexperience,havingbeenboth
CFOandCEOatJohnMenziesplc,andhe
joinedusfromWilliamGrant&SonsLimited,
oneofthelargestglobalspiritscompanies.
HeisanoperationallyfocusedCFOandhis
timeinthebrandedspiritsindustryhasgiven
himgoodgroundinginglobalbrands.Iam
excitedabouttheexperienceandcapability
hewillbringtothetopteam.
Inlate2023wealsoannouncedthatIje
Nwokorie,aNon-Executiveforalmostthree
years,wouldbesteppingdownfromthe
BoardtojointhebusinessfulltimeasChief
BrandOfficer(CBO)inFebruary2024.This
newlycreatedroleencompassesProduct,
MarketingandStrategy,responsiblefor
settingtheoverallbrandstrategy,visionand
futuredirection.Ijeisabrandvisionaryand
experiencedbusinessleaderandjoined
usfromAppleInc.,wherehewasaSenior
DirectorinAppleRetailsince2018.Prior
tothisIjespent11yearsatglobalbrand
consultancyWolffOlins,latterlyasCEO.
Oxford Street store
STRATEGIC REPORT
7DR. MARTENS PLC ANNUAL REPORT 2024
GILES WILSON
CHIEF FINANCIAL OFFICER
FINANCE REVIEW P32
WELCOME
Can you tell us a little about
your background?
Havingqualifiedasachartered
accountantwithPwC,Ispentthe
earlypartofmycareerinfinance
rolesforGallaherGroupPlcand
CommercialEstatesGroup
Limited.IthenjoinedJohn
Menziesplcin2011,whereI
spentalmostadecade,including
asamainBoardDirectorinitially
asCFOforfouryearsandthen
subsequentlybecameCEO.
Duringmytimethere,wedealt
withavarietyofbusiness
challenges,includingthefull
Board-ledstrategicreviewofthe
Group,leadingtoraisingequity
viaarightsissuetofunda
transformationalacquisition
fortheAviationbusiness,to
becomeoneofthelargestglobal
aviationservicesbusinesses
intheworld;thedecisionand
executionofthedivestment
oftheNewspaperDistribution
businesstobecomeapureplay
aviationbusiness;andfinally
leadingthebusinessthrough
initialphasesofCovidlockdown
andsecuringthelong-term
fundingthroughthis
unprecedentedtime.Latterly,
beforejoiningDr.Martens,Iwas
theCFOofWilliamGrant&
SonsLimitedforfouryears,
oneoftheworld’slargestfamily
ownedbrandedspiritsbusiness,
ownersofgloballyrenowned
brandsGlenfiddich,The
BalvenieandHendricksGin.
What attracted you to the
role at Dr. Martens?
I’velearntthroughmycareer
thatworkingforgreatbrands
alwaysgivesyouanadvantage,
andtheopportunitythat
high-marginbrandedproducts
offer.LookingatDr.Martens,
Iseeanincrediblywell-loved,
durablebrand,withstronggross
marginsandcashgeneration.
Iwasalsoattractedbyhow
underpenetratedthebrandstill
isinmajormarketsglobally,
suchastheUSAandJapan.
Ihaveenjoyedmeetingpeople
fromthebusinessandthe
uniqueculture,wherepeople
canauthenticallybethemselves
andthrive,resonatedwithme.
Finally,Ifeltthatmyexperience,
particularlyasaPLCCFO,
wouldaddvaluetothebusiness.
What are your first priorities
as you settle into the role?
Weknowwehavedisappointed
investors,missingourguidance
severaltimesandimpactingthe
leveloftrustthemarkethasin
us.Whilstsomeofthereasons
forthisareexternalforces
outsideofourcontrol,weneed
todoabetterjobcommunicating
withourexternalstakeholders
andlayingoutthefinancial
metricswe’refocusedon
deliveringthisyear.Youcanread
moreaboutthisinmyFinance
Reviewonpage32.
I’llalsobespendingtime
understandingthecostbase
andinvestmentplansofthe
business,toensurewe’re
managingcoststightlywithout
impactingourfuturegrowth
potential.
Moregenerally,I’mlooking
forwardtogettingtoknowthe
business,includingmeetingour
peopleglobally,oursupplier
baseandourwholesalepartners.
We’re thrilled to welcome
Giles, whose extensive
experience across
sectors, most recently
in the branded spirits
industry, together with his
knowledge of the public
markets, will be a valuable
asset to the Board.
PAUL MASON
Non-Executive Chair
8 DR. MARTENS PLC ANNUAL REPORT 2024
CHAIR’S STATEMENT CONTINUED
Inmid-April2024weannouncedthatFY25
wouldbeKennyWilson’slastyearasCEO.
Aspartofanorderlysuccessionplan,and
followingathoroughsearchprocess,the
BoardwasdelightedtoannouncethatIje
willsucceedKennyasCEO.KennyandIje
willworktogethertoensureasmooth
handover,withIjebecomingCEObefore
theendofFY25.IjewillremainasCBOin
themeantime,withhisfocusbeingonthe
brandanddrivingdemandaheadofthe
importantAW24season.
KennywillhaveservedasCEOforalmost
sevenyears,throughwhichthebusinesshas
professionalisedanddeliveredsignificant
growth.Kenny’sfocusonproduct,brandand
custodianshiphasinstilledastrongculture
throughtheorganisation.Iamgratefulthat
Kennywillensureanorderlytransitionto
IjeoverthecomingyearandIwillalsobe
activelyinvolvedinhelpingtoensurethat
thehandoverisasseamlessaspossible.
Iamexcitedaboutthefuturecombination
ofIjeandGilesandbelievethattheir
complementaryskillsetsandexperiences
willbeapowerfulforceindrivingthe
businessforwardintheyearsahead.
Moreinformationcanbefoundinour
GovernanceReportfrompage85.
People
Iremainsoimpressedbytheresilienceand
hardworkofourpeople,throughanother
challengingyear.Withouttheirdetermination
anddedication,wewouldnotbeableto
serveourcustomerswithcareandpassion
dayin,dayout;workcloselywithour
partnersandsuppliersandcontinuetostep
forwardinsustainability.I’dliketoexpress
theBoard’sthankstoallofourpeoplefor
theireffortsthisyear.
Sustainability
Ourproductshaveembodiedtimeless
design,longevityanddurabilityforoversix
decades,andsustainabilityisembedded
acrossthebusiness.Thisyearwemade
furtherstrides,withthelaunchofan
authorisedrepairserviceintheUK,thelaunch
ofReWair,ourdedicatedresalesite,inthe
USAandthelaunchofourfirstproductsusing
reclaimedleather,GenixNappa.Youcan
readmoreaboutthesedevelopmentsand
thewiderprogressagainstoursustainability
commitmentsinourSustainabilityReport
onpage46onwards.
Dividend
TheBoardrecognisestheimportanceof
dividendstoourshareholders.Wehave
proposed,subjecttoshareholderapproval,
afinaldividendof0.99p,takingthetotal
dividendforFY24,includingtheinterim
dividendof1.56p,to2.55p.Whilstthisis
ayear-on-yearreductiongiventhelower
earningsachievedthisyear,the35%
payoutforFY24isatthetopofthepolicy
range.WearealsosharingthattheBoard’s
intentionistoholdtheFY25dividendflat
inabsoluteterms,beforereturningtoan
earningspayoutinlinewithourdividend
policy(of25%to35%payout)inFY26
onwards.Finally,we’remakingsome
changestoourapproachtosettingthe
interimdividendandpaymentdates,which
youcanreadaboutintheFinancereview
onpage32.
Paul Mason
Non-ExecutiveChair
29May2024
What will define success
in the role for you?
AsI’vejustdescribed,success
inthecomingyearwillbestarting
torebuildtrustandcredibilitywith
ourinvestorbase,throughclear
communicationanddisclosure,
layingoutthenear-termmetricsto
judgeusonanddeliveringagainst
these.Lookingfurtherout,Iam
excitedtoplaymyroleinthe
continuedprofessionalisationof
thebusiness,leveragingthecost
basewhichwillenableusto
unlockthegrowthpotentialahead.
How do you feel about
the growth potential of
the business?
I’dlongknownaboutthebrand
havinggrownupintheUK,
howeverasIgottoknowthe
business,evenaftersuch
strongtop-linegrowthoverthe
pasttenyearsIwassurprised
byjusthowmuchopportunity
thereisinmajorcountriessuch
astheUSA,Japan,Germany
andItaly–tonamejustafew.
It’simportantwegrowinthe
rightway–withaDTC-first
approach,supportedby
enhancingwholesale.Asthe
systemsinvestmentswe’re
currentlyundertakingfallaway,
thiswillfurtherdrivegrowth
inprofitability.
I am excited to be
joining the Company
at this time of
transition and I am
looking forward to
working with the
team to drive the
strategy forward.
GILES WILSON
Chief Financial Officer
STRATEGIC REPORT
9DR. MARTENS PLC ANNUAL REPORT 2024
asitshouldhavebeen.Inthenextsection
wedetailthechangeswe’remakinginour
marketingapproachandtheactionplan
we’reimplementingtoreignitedemandin
thismarket.
InFY24wetookthestrategicdecisionto
reducethebreadthanddepthofvolume
weselltoEMEAetailers,whichreduced
wholesalerevenuesinthisregion.The
11.8%EMEADTCgrowthisthereforemore
indicativeofourunderlyingperformance,
albeititwaspartiallyflatteredbytheearlier
timingofEaster.WithinEMEA,our
conversionmarketsofGermany,Italyand
Spainsawstrongdouble-digitDTCgrowth
andUKDTCgrowthwaspositive,although
atalowerlevel.Japanmakesupthemajority
ofourAPACregionandwesawcontinued
goodgrowthinthislargelyDTCmarket.
FY24wasachallengingyearforour
business,withadifficulttradingenvironment
andconsiderablemacroeconomic
uncertainty.Ourlargestmarket,theUSA,
continuestofacetwosignificantexternal
headwinds,namelyweakconsumer
confidenceimpactingspendinganda
particularlychallengingbootssegment,
whichwasdown17%fortheyearoverall
(source:Circanadata).Thisresultedin
widespreadcautionfromwholesale
customers,leadingtoweakerwholesale
orderbooks,aswellasimpactingourDTC
(‘Direct-to-consumer’)performance.The
USAhasthehighestwholesalepenetration
ofanymajormarket,andthereforetheweak
performanceherehadasignificantimpact
onourbusinessoverall.Wehaveanew
leadershipteamintheAmericaswhichisstill
embedding,andourmarketingandtrading
executionduringtheyearwasnotasstrong
KENNY WILSON
CHIEF EXECUTIVE OFFICER
Our FY24 results reflect
continued weak USA
demand. This particularly
impacted our USA
wholesale business
and offset our group
DTC performance,
where pairs grew by
7%. I am confident that
the actions we are
taking as we enter this
year of transition will
put us in good shape
for the years ahead.
10
DR. MARTENS PLC ANNUAL REPORT 2024
CEO’S STATEMENT
OUR CULTURE AND VALUES
At Dr. Martens, we value integrity, teamwork, professionalism
and passion, but Rebellious Self Expression is how we define
what’s unique about our culture and our brand. Our people have
the right to be themselves and express that self to the world.
But in everything they do, they also need to think about how it
impacts others and how they work together for the brand.
This is the Dr. Martens manifesto for how our people live and
lead through Rebellious Self Expression. This is our culture.
ACT COURAGEOUSLY:
Be bold, not reckless, and make mistakes
in the open. We want our people to try new
things and let others see our successes
and mistakes so we can all learn. We strive
together for progress, not perfection.
We want our people to have the courage
to challenge themselves and others.
This means being relentlessly curious to
understand others and challenging decisions
constructively to help make better ones.
Every voice matters but once a decision is
made, we all stand by it.
We can do anything, but we can’t do
everything. We want our people to take
responsibility for being both proactive
and efficient: to adopt, adapt and invent
in that order.
SHOW YOU CARE:
Success at DM’s impacts our consumers
and shareholders as well as our people.
They should think like an owner to advance
the brand first and collaborate across
functions and regions.
Our people should put the consumer at the
heart of their actions. DM’s are shaped by
the people who wear them and our actions
should always serve them first and foremost.
Be direct and be kind. Difficult conversations
are sometimes needed. We think about our
impact, we are open to other perspectives
while giving direct, factual feedback that aims
to build someone up, not tear them down.
We live and love the brand, including on our
feet. Everyone at DOCS has a DM’s story and
they tell it every day through showing up to
work in their Dr. Martens. We believe we stand
taller, prouder and together in DM’s.
BE YOURSELF:
We want our people to do what they
are brilliant at. Being themselves is their
superpower and it’s the value they bring
to work every day.
We value difference and diversity. While
everyone’s moment of Rebellious Self
Expression is different, all are equally
valid and should be respected.
SUSTAINABILITY P46
Weachievedsignificantsupplychainsavings
throughtheyear,whichbenefitedgross
margin.Thesesavingswereduetoour
supplychaintransformationstrategy
togetherwitharelativelybenignsourcing
backdrop.Theongoingsupplychain
transformationhassteadilyincreaseddirect
controloveroursupplychaininputs,from
around10%fiveyearsagotoaround70%
today.Thishasenabledimprovedqualityand
consistency,diversificationofriskfromsingle
pointdependencyanddirectnegotiationof
costs.ThesavingsdeliveredinFY24asa
resultofthisstrategyincludelowercosts
forkeycomponents,factorybenchmarking
toalignprofit,re-negotiationofourinbound
shippingcontractandoptimisationand
re-tenderofretailoutboundfreight.
Ourproductstrategyis‘iconsand
innovation’,meaningthatweaimtogrow
revenueofouriconiccontinuityproducts
throughconstantinnovationaroundthis
core,todrivebrandheatandnewness.
Weaimtogrowallthreecategoriesof
boots,shoesandsandalssimultaneously.
Pairssolddeclinedby17%year-on-year,
howeverthiswasentirelyduetoweakness
inwholesaleorders,withDTCpairsup7%.
Bycategory,DTCpairsforbothshoesand
sandalsgrewmorethan20%year-on-year,
whilstDTCbootspairssawasmalldecline.
Growingshoesandsandals,alongside
growingboots,isanimportantpartofour
strategytobroadenourproductportfolio
overthemedium-term,andwesaw
particularlygoodsuccessduringtheyear
withourmulesrangewithinsandalsand
loaferswithinshoes.Wearesteadfastly
focusedongrowingourbootscategory,with
thisaccountingfor66%ofGrouprevenues
inFY24.
DuringAW23welaunchedacapsule
collectionofournewAmpcategory:14XX.
Ampand14XXrepresentsthepinnacleof
ourcreativeexpression,withcutting-edge
innovationattheforefrontwhilestill
remainingtruetoourproducthandwriting
anddesignprinciplesofdurabilityand
versatility.Thecapsulecollection,built
aroundouroriginal1460boot,1461shoe
and2976Chelseaboot,sawencouraging
consumerfeedbackandinAW24wewill
launchalarger14XXrangetoconsumers.
Thepurposeofthesecollectionsistocreate
a‘trickledown’effect,creatingdemandfor
themainlineproductrange.
STRATEGIC REPORT
11DR. MARTENS PLC ANNUAL REPORT 2024
Collaborationshavealwaysbeenan
importantpartofourproductstrategy,being
anincubatorforfutureproductsuccessand
scale,whilstalsodrivingbrandheat.InFY24
ourcollaborationsincludedapartnership
withLagos-born,London-basedcollective
Motherlan,whichreinterpretedour1461
shoe.Wealsoworkedwithstreetwearbrand
GirlsDon’tCrywithourcreepershoe,which
wasreleasedthroughourecommerce
channelsgloballytogetherwithDoverStreet
Marketlocationsandsoldoutworldwide
within48hours.Aspartofourcelebrationof
10yearsoftheJadon,ourbiggestproduct
withinourFusioncategoryandoneofour
fouriconproducts,welauncheda
collaborationwithfashion-forwardbrand
Ganni,withahighimpactactivationeventin
NewYork.Wealsoreturnedtoourhighly
successfulpartnershipwithRickOwens,this
timecreatingtwoiterationsofour1460boot
togetherwithour18eyelet1918boot.These
bootsstoodonourinflatedDMXLsolewhich
originatedinour14XXrange.Exaggerating
ourclassicconstruction,thesolecombines
lightweightEVAwithdurablePVCpods.
Thebusinesscontinuesona
professionalisationjourney,ofwhichakey
elementisthenextphaseofourtechnology
investmentprogramme.Theprojects
currentlyunderwayaretheCustomerData
PlatformandtheSupplyandDemand
PlanningSystem.TheCustomerData
Platformwillgiveusasinglecustomerview
acrossbothDTCchannels(retailand
ecommerce),enablingmoretargeted
marketingandconsumerengagement.The
SupplyandDemandPlanningSystemisa
modernandagileplanningsystem,whichwill
improveavailabilityandaccuracyofproduct
forecasting.Thiswilldrivemeaningful
workingcapitalsavings,beginninginFY26.
Alongsidethesetwoprojectswehavea
numberofothertechnologyworkstreams
underwaytoimproveourdatacapabilities,
increaseourspeedofdecisionmakingand
driveefficiency.
Wecontinuetomakesignificantstridesin
sustainability.OurScienceBasedTargets
wereverifiedandapprovedbytheScience
BasedTargetInitiativeinOctober.Wehave
committedtoreducingourabsolute
greenhousegasemissionsalignedwiththe
ScienceBasedTargetsinitiativetoachieve
near-termreductiontargetsby2030and
NetZerobyFY40.
InOctoberwelaunchedourAuthorised
RepairservicetoconsumersintheUK.
Theserviceenablesconsumerstorepair
theirDr.Martensproducts,workingwith
athird-partyrepairpartnerandusingour
ownmachinesandmaterials.Consumer
reactionsofarhasbeenveryencouraging
andwewilllooktorollthisoutinourother
keymarketsinthefuture.
InMarchwelaunchedourownresale
offeringintheUSA,namedReWair.We
repairandrestoresecondhandDr.Martens
productsandsellthemthroughadirectly
rundedicatedresalesite.ReWairisan
importantpartofourNetZerobyFY40
targetasthecarbongeneratedfroma
resaleissubstantiallylowerthananew
product.Althoughrelativelyearlydays,
performancesincelaunchhasexceeded
expectations,forbothrevenueand
conversionrate,andwe’vehadhigh
positiveengagementonsocialmedia.
InlateMarchwealsolaunchedthree
productsinGenixNappa,anewupper
materialmadefromreclaimedleather.
Thisisanimportantstepinoureffortsto
achieveourtargetof100%ofproducts
madefromsustainablematerialsby2040.
Itisearlydays,howeverpressand
consumerengagementhasbeenpositive.
100%
Ourtargetistohave100%
ofproductsmadefrom
sustainablematerialsby2040
12 DR. MARTENS PLC ANNUAL REPORT 2024
CEO’S STATEMENT CONTINUED
LOOKING TO FY25 AND BEYOND
FY25willbeayearoftransitionforour
business.InEMEAandAPACregionswewill
continuetoexecuteoursuccessfulDOCS
strategy,totakeadvantageofthesignificant
whitespacegrowthopportunityinboth.
Wecontinuetoseegoodbrandmetrics
globally.Totalbrandawarenesshas
increasedby2%to74%.InEMEA,ourkey
conversionmarketsofGermany,Italyand
Spaineachsawbrandawarenessgrowth
of2-3%pts.OurhomemarketofUKsaw
amarginaldeclineinbrandawareness
althoughthisremainssignificantlyabove
theGroupat92%.InJapanourbrand
awarenessincreasedby1%ptsto53%,
withcontinuedopportunitytoclosethe
gaptotheGroupaverage.
IntheUSA,wherewehaveseena
disappointingtradingperformance,brand
awarenessisflatat73%,howeverwehave
seenameaningfuldeclineinconsideration
fromconsumerswhohavenotpurchased
Overrecentyearswehaveinvestedinthe
businessandbuiltanoperatingcostbase
inanticipationofalargerbusiness,andwith
revenuesweakerwearethereforeseeing
significantdeleverage.Alongsideouraction
plantoreigniteDTCbootsgrowth,wewillalso
beimplementingacostactionplanacross
theGroup,ledbynewCFOGilesWilsonand
theleadershipteam.Wewilltarget£20mto
£25mofcostreduction,withsavingsfrom
organisationalefficiencyanddesign,better
procurementandoperationalstreamlining.
WewillseethebenefitofthissavinginFY26,
TheUSAremainsournumberonepriorityacrossthebusinessandweareimplementingadetailedaction
plantoreturnthisbusinesstogrowth,targetingareturntopositiveDTCgrowthinH2FY25.Againstthis
actionplanweareincreasingmarketinginvestmentasapercentageofrevenueintheUSAintheyear
ahead,whilstensuringthatwemaximisethereturnandefficiencyofthisspend.
Thekeypillarsofthisactionplanare:
Marketing
Wewillhavean‘alwayson’product
marketingapproachtoicons,a
re-energisationofbootsinAW24
andfourkeyseasonalbootstories
toensurewedrivenewnessand
excitement.Marketingspendwill
beincreasedonmidtolowerfunnel
activity,todriveconsideration.
Digital
Wewillimprovethequalityofour
productdetailpagesandoptimise
ourcheckoutprocesstomaximise
ecommerceconversion.Wewillseek
todrivemorequalifiedtraffictooursite,
againtoimproveconversion.Finally,we
willimplementanorderinstoreoffering.
Wholesale
Giventhenatureofwholesaleorder
books,therewillbealagbetweenwhen
weseeourUSADTCperformance
improveandwhenourwholesale
businesswillreturntogrowth.Our
expectationisthatwewon’tseean
in-marketrestockdrivingarecoveryinour
USAwholesalerevenuesuntilAW25at
theearliest,whichequatestothesecond
halfofFY26.Wethereforeanticipate
ourUSAwholesalerevenuedeclining
double-digitpercentageinFY25.Through
FY25,however,wewillworkwithkeyUSA
wholesalecustomerstofocusactions
ondrivingbootssell-throughinstore.
USA ACTION PLAN
recentlyandthereforeoureffortswillbe
particularlyfocusedonbroadeningour
appealtoattractnewconsumers.
UnderthedirectionofIjeNwokorie,inhis
currentroleasChiefBrandOfficer(CBO),
weareshiftingourmarketingeffortsglobally
fromstorytellingfocusedonculturetoa
relentlessfocusonproductmarketing.Our
AW24marketingwillleadandbedominated
bybootsandthemarketingorganisation
hasbeenreorganisedtoproduct-led
marketing,centredaroundicons.
withtheFY25benefitlikelytobeimmaterial
duetothecostsofimplementation.Further
detailsandaprogressupdatewillbeprovided
atourfirsthalfresultsinNovember.
Kenny Wilson
ChiefExecutiveOfficer
29May2024
STRATEGIC REPORT
13DR. MARTENS PLC ANNUAL REPORT 2024
MACROECONOMIC TRENDS
SOCIETAL TRENDS
Market context
Expressions of identity
Expressionsofidentityoftoday’s
consumersaremorefluidthanever,andour
productsprovideablankcanvasthrough
whichconsumerscanexpressthemselves.
Weprideourselvesonbeingademocratic
brandwhichempowersconsumers.
Sustainability
Sustainabilityisanincreasinglyimportant
factorwhenconsumersmakepurchasing
decisions.Thisincludesproduct
considerations,end-of-lifeoptionsanda
brand’swiderimpactontheworldaroundit.
How we are responding
Ourproductsandbrandarewell-positioned
againstabackdropofsignificantsocietal
shiftsincludinggenderfluidityandthe
casualisationofdresscodes.Ourproducts
arepredominantlyunisexandtherefore
inclusivetoallgenderidentities.
Furthermore,ourtimelessproductsareworn
byallagegroupsandformultipleoccasions,
makingthemextremelyversatile.
Thisyearwelaunchedtwonewsustainability
initiatives,authorisedrepairintheUK,
whichallowsconsumerstorepairtheir
wornDr.Martensproducts,andReWairin
theUSAwhichallowsconsumerstobuy
second-handrestoredDr.Martensfootwear
andbags.Consumerreactiontobothhas
beenveryencouraging.
AttheendofFY24wealsolaunchedGenix
Nappa,ourlatestmaterialinnovation
madefromreclaimedleatheroffcuts,with
ourthreemosticonicproductsnowbeing
availabletobuyusingthismaterial.
Opportunities
• Rolloutofbothauthorisedrepairand
ReWairtoothermarketsinthefuture.
• Weareworkingtodevelop,testand
trialothersustainablematerials.
Readmoreonpages57,58and59.
MARKET REVIEW
Market context
Consumer confidence
Theglobalmacroeconomicenvironment
remainschallenging,withweakconsumer
confidenceandcontinuedhighinflation
impactingbothourcostsandconsumers’
discretionaryspending.Asaconsumerbrand,
thisrepresentsadifficulttradingbackdrop.
Inflation
Acrossthemediumtermwepriceto
broadlyoffsetinflation,withindividual
pricesbymarketsetutilisinganin-depth
pricingelasticitysurvey.Havingincreased
pricesinrecentseasonswearebroadly
holdingpricesflatforFY25,andthismeans
thatinflationarycostincreaseswillimpact
ourfinancialperformanceinamore
significantwaythanistypicallythecase.
How we are responding
Wecontinuetoexpecttheconsumer
backdroptoremainweak,particularlyinthe
USA.Weareimplementinganactionplan
toreigniteourperformanceinthismarket.
READ MORE P13
Withinflationimpactingourcostbasewe
willdoallwecantotightlymanagecosts
anddriveefficiencies.
Globallywecontinuetoviewthebrandas
underpenetrated,presentingasignificant
futuregrowthopportunity.Wewillcapture
thisopportunitythroughatargetedstore
rolloutprogramme,focusedmarketing
anddigitalinvestmentandworkingwith
wholesalepartnerstodrivebrand
awarenessanddeliverincrementalrevenue.
Opportunities
• Althoughstillelevated,theinflationary
backdropisimproving,whichshould
lessentheimpactonbothourcost
baseandconsumerspending.
• Inamorechallengedconsumer
backdropitistypicallyversatile,
long-lasting,high-qualitybrandsthat
outperform.Ourproductmarketing
aimstoreinforcethedurable,
high-qualitynatureofourproducts
toconsumers.
MARKET TRENDS
AND OPPORTUNITIES
14 DR. MARTENS PLC ANNUAL REPORT 2024
RE-ENGAGEMENT WITH
PHYSICAL SHOPPING
+6%
Retail revenue growth in FY24
Consumer confidence
Thewidermacroandconsumer
environmentintheUSAhasbeen
challengingthisyear.AccordingtoThe
ConferenceBoard,theconsumer
confidenceexpectationsindex
1
continued
tofallinMarch2024.Expectationsforthe
nextsixmonthsshowthatconsumers
remainconcernedovercostoflivingand
thepoliticalenvironmentintheUSA.
Lookingforward,ongoinggeopolitical
uncertaintytogetherwiththepresidential
electioninNovembermeanthatwe
expectthisbackdroptocontinue.
USA boots market
Inadditiontoaweakconsumer,theoverall
bootsmarketsegmentintheUSAhas
beenchallenging,withourperformance
broadlyinlinewiththissegment.Bootsare
ourbiggestandmostprofitablecategory,
andtherevenuedeclinehasthereforehad
asignificantimpactonourUSAbusiness.
Market context
Consumers returning to stores
Thetrendofconsumersreturning
tophysicalshoppinghascontinued
throughFY24,withourretailchannel
outperformingecommercedespitefootfall
stillbelowpre-Covidlevels.Ourstores
enableustoshowcasethedepthofour
brandandthebreadthofourproduct
range,withourexperiencedin-store
teamsactingasbrandambassadors.
The role of opinion-leading
wholesale stores
Wepartnerwithsomeoftheworld’smost
influentialmulti-brandwholesalepartners.
Ourproductsbeingshowcasedinthese
storeshelpstofurthergrowbrandequity
andelevateourpositioninginthemarket.
How we are responding
Havingbeguntheyearwith204stores,
wehaveopenedafurther46andclosed
11.Thistookourtotalretailstoresto239
Caution amongst wholesale customers
Theweakerconsumerbackdrop,combined
withaparticularlychallengingbootsmarket,
meansthatweareseeingwidespread
cautionfromwholesalecustomersleading
atyearend.Ourstorerolloutprogrammewill
continuethroughFY25withafocusonEMEA
conversionmarketsandJapan.
Wecontinuetoattractandpartnerwith
leadingwholesalepartnersglobally.
Wealsoaimtoworkcloserwiththem
incertainmarkets,forexamplewith
exclusivecollaborations,in-storeevents
andmarketingcontent.
toweakerorderbooks.Wearewell
positionedforwhenUSAsentiment
improves,drivingUSAwholesale
customerstorestock.Readmoreinthe
CEO’sStatementonpages10to13.
Opportunities
• Withtrafficstillbelowpre-Covidlevels
acrossmanystores,wearefocused
ondrivingin-storeconversion.
• Rolloutofomnichannelincontinental
Europeexpectedtodrivefurther
growthandengagement.
Market trends
in the USA
1. Theexpectationsindexisbasedonconsumers’short-termoutlookforincome,businessandlabourmarketconditions.
STRATEGIC REPORT
15DR. MARTENS PLC ANNUAL REPORT 2024
Doing the right thing for the long term is at the heart of our
custodian mindset at Dr. Martens. This means focusing on
creating long-term, sustainable value for our stakeholders.
CORE COMMERCIAL ACTIVITIES GLOBAL REVENUE CHANNELS
OUR BUSINESS MODEL
PEOPLE BRAND CONSUMERS
Our2,630passionateanddedicated
peoplearethecorebuildingblockofour
long-termsuccess
OUR FOUNDATIONS:
Ouriconic,globalbrandis
theequitythatdrivessustainable,
long-termgrowth
Weareproudtoplayarolein
ourconsumers’momentsof
RebelliousSelfExpression
61%
DIRECT-TO-
CONSUMER
ECOMMERCE
Our single most important store
is our own .com websites, which
cover the majority of our markets.
In FY24, ecommerce generated
32% of revenue.
RETAIL
We operate 239 own stores
globally and they provide the
opportunity to showcase our
brand and products in the best
possible physical environment.
39%
WHOLESALE
This encompasses wholesale
partner relationships, together
with country distributor models
and franchised stores, giving the
brand extra reach and awareness.
DESIGNING
Based on our deeply
entrenched and unique
Originals DNA, our product
designers operate at the
forefront of trends, designing
ranges for sale up to two years
into the future
PROTECTING
The intellectual
property (IP) of our
core DNA is protected
by our passionate and
highly talented IP team
SELLING
We segment our selling
by both channel –
Ecommerce, Retail
and Wholesale – and by
region – EMEA, Americas
and APAC
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M
MANUFACTURING
During FY24, we manufactured our
products in nine countries with the
majority manufactured in Vietnam
and our Made In England range and
most collaborations made in our
Cobb’s Lane factory in
Wollaston, England
MARKETING
Our global, regional and
local marketing campaigns
aim to grow brand
awareness and drive
product demand and reach
across all channels
HOW WE
CREATE VALUE
16 DR. MARTENS PLC ANNUAL REPORT 2024
PARTNERS
Workingwithaniconic,globalbrandthat
resonatesstronglywiththeirconsumers
1.6K
wholesale customers in FY24
OUR PEOPLE
Ongoingtraininganddevelopment
withinasupportiveandinclusive
workingenvironment
92%
response rate to our Engagement
and Inclusion Survey
SUPPLIERS
Associationwithastrong,responsiblebrand
thatcangeneratelong-termdemandgrowth
OWNERS
Long-termbusinesssuccessdriving
sharepriceappreciation,aprogressive
dividendanda£50msharebuyback
programmeundertakeninFY24
£25M
total FY24 dividend payout
CONSUMERS
Beingabletobuyatimeless,durable
productforafairprice
#1
Dr. Martens ranked number 1 for
unprompted brand awareness in our
Brand Survey in Boots
ENVIRONMENT & COMMUNITIES
Reducingourenvironmentalimpactand
leavingthingsbetterthanwefoundthem
What we do
Dr.Martensisaniconic,globalfootwearbrand.We
makeboots,shoesandsandalswhichwesellthrough
ourDTCchannelviaourecommerceplatformsandour
stores,andthroughourbusiness-to-businesschannel
viabothwholesalersanddistributors.
Weoperateinthreeregions–EMEA,Americasand
APAC–andhavesevenprioritymarkets–USA,UK,
Germany,Italy,France,JapanandChina.Ourbiggest
sellingproductsremainour‘Originals’includingthe
1460boot,the1461shoeandthe2976Chelseaboot.
READ MORE P4
WHO WE CREATE VALUE FOR
PARTNERS SUPPLIERS FINANCIAL
Ourlong-termsupplierrelationships
ensureconsistentlyhighproductquality
aroundtheglobe
Ourstrongwholesalepartner
relationshipsprovidesupporttoour
DTCexpansionplans
Strongmargins,highcash
conversionandarobustBalance
Sheetsupportcontinuedinvestment
inlong-termgrowth
HELD FACE-TO-FACE CONFERENCES
WITH OUR KEY TIER 1 SUPPLIERS
DURING THE YEAR
SUCCESSFUL LAUNCH OF
AUTHORISED REPAIR IN THE UK
STRATEGIC REPORT
17DR. MARTENS PLC ANNUAL REPORT 2024
In this section we identify our key
stakeholder groups, explain why
and how the Company actively
engages with them, set out a
number of the metrics used to
measure success and summarise
some of the outcomes of our
engagement.
In a change to the approach taken
in last year’s Annual Report, we
have included a separate section
dedicated to explaining how the
Board engages with each of these
groups and how their interests
influence its decision-making.
This can be found on pages 101 to
104 in the Governance Report and
should be read in conjunction with
the wider business context
provided on the following pages.
Further information regarding how
the principles underpinning Section
172 are reflected across the wider
business are incorporated by
cross-reference and in the table to
the right, while our formal ‘S.172
Statement’ is set out below.
S.172 PRINCIPLE LOCATION OF MORE INFORMATION
The likely consequences of any
decision in the long term
• Chair’sStatement(pages6to9)
• CEO’sStatement(pages10to13)
• Ourbusinessmodel(pages16and17)
• Ourstrategy(pages22and23)
• Keyperformanceindicators(pages30
and31)
• Effectiveriskmanagement(pages38
and39)
• Boardactivities(pages96and97)
• Viabilityassessmentandgoing
concern(pages44and45)
The interests of the Company’s
employees
• Stakeholderengagement:Ourpeople
(page19)
• SustainabilityReport:People(pages
63to72)
• NominationCommitteeReport(pages
108to115)
• Whistleblowing(page143)
• RemunerationCommitteeReport
(pages116to118)
• GovernanceReport:OurPeople
(page101)andKeyHires(page104)
The need to foster business
relationships with suppliers,
customers and others
• Ourbusinessmodel(pages16and17)
• Ourstrategy(pages22and23)
• Ourstrategyinaction(pages24to29)
• SustainabilityReport(pages46to74)
• Anti-briberyandcorruption(page143)
• GovernanceReport:OurSuppliers
(page103)
The impact of the Company’s
operations on the community
and the environment
• Stakeholderengagement:
Environment
andCommunities(page21)
• SustainabilityReport(pages46to74)
• TCFD(pages75to83)
• GovernanceReport:OurEnvironment
andCommunities(page103)
The desirability of the Company
maintaining a reputation for high
standards of business conduct
• Effectiveriskmanagement(pages38
and39)
• Divisionofresponsibilities(page98)
• AuditandRiskCommitteeReport
(pages134to143)
• Directors’Report(pages144to148)
The need to act fairly as between
members of the Company
• Stakeholderengagement:Owners
(page19)
• Relationshipwithlargestshareholder
(page147)
• AnnualGeneralMeeting(page147)
• GovernanceReport:Owners(page
101)andKeyBoardDecisionsin
FY24(page104)
A key responsibility of all Directors of UK
companies under the Companies Act 2006
(the Act) is their duty to promote the success
of the company. Specifically, the Act requires
that each of the Directors of Dr. Martens plc
must act in a way that they consider, in good
faith, is most likely to promote the success of
the Company for the benefit of its members as
a whole, and in doing so have regard (among
other matters) to:
MAINTAINING A LONG-TERM, CUSTODIAN
MINDSET (PAGES 101 TO 104)
‘the likely consequences of any decision in the
long term’ and ‘the desirability of the Company
maintaining a reputation for high standards of
business conduct’
OUR PEOPLE (PAGE 19)
‘the interests of the Company’s employees’
CONSUMERS, PARTNERS AND
SUPPLIERS (PAGES 20 AND 21)
‘the need to foster the Company’s business
relationships with suppliers, customers
and others’
ENVIRONMENT AND COMMUNITIES
(PAGE 21)
‘the impact of the Company’s operations
on the community and the environment’
OWNERS (PAGE 19)
‘the need to act fairly as between members
of the Company’
The Board recognises that maintaining strong
relationships and healthy dialogue with the
Groups’ stakeholders remains critical to our
objective of delivering sustainable growth over
the longer term. The needs of our stakeholders
are closely considered by the Board when
discussing matters of strategic significance.
The Board also pays due regard to the
potential impact of proposals tabled for its
approval on our stakeholders and has sought
to establish a wider business culture that
keeps stakeholder interests at the heart of
decision-making below Board level.
The Board therefore confirms that, throughout
the year under review, it acted, and continues
to act, to promote the long-term success of the
Company for the benefit of shareholders, while
having due regard to the matters set out in
Section 172(1)(a) to (f) of the Act.
While the Board will always favour outcomes
that benefit all stakeholder groups to the
greatest extent possible, it is mindful that
achieving this is not always possible.
Stakeholder priorities are wide-ranging and do,
at times, compete and conflict. The Board
therefore seeks to take decisions that it believes
are most likely to provide results that deliver
our strategy, thereby serving the interests of
all stakeholders over the longer term. How
stakeholders were considered in certain key
decisions taken by the Board during the year
can be found in the ‘Our stakeholders’ section
of the Governance Report on pages 101 to 104.
The general principles set out in Section 172
are also intrinsic to how the Company
operates below Board level and are firmly
embedded within our culture. The interests
of our stakeholders and the ways in which
the actions we take as a business impact their
interests are considered as part of decision-
making processes across the Company.
Some examples of these are provided below
and more information can be found in our
Strategic and Sustainability Reports, located
from pages 1 and 46 respectively.
SECTION 172 STATEMENT
MEETING THE NEEDS
OF OUR STAKEHOLDERS
18 DR. MARTENS PLC ANNUAL REPORT 2024
STAKEHOLDER ENGAGEMENT AND SECTION 172 STATEMENT
OWNERS
Shareholders of Dr. Martens
plc, be they large institutional
investors, employees, private
individuals or our largest single
investor, IngreLux S.Ã r.L.
All Dr. Martens employees
globally, whether based
in our own stores, offices,
distribution centres or
factories.
Why we engage
• Ourshareholdersarethe
ownersofourCompany.
Engagingwiththemisan
essentialandongoingprocess
fortheBoardandanimportant
meansthroughwhichit
dischargesitsdutyunder
Section172oftheCompanies
Act2006,conductedthrough
arangeofchannels.
• Understandingourinvestors’
prioritiesandensuringwe
maintainclearandopen
dialogueisanimportantpart
ofbeingalistedbusiness.
How the Company engages
• OurInvestorRelations
functionisfocusedonongoing,
openengagementwithour
shareholdersthroughregular
meetingsandinvestor
roadshows,includingone-to-
onemeetingswithourlargest
institutionalshareholders,
investorgroupmeetingsand
meetingswithprospective
investors.
• Managementand,where
appropriate,Non-Executive
Directorsregularlymeetwith
institutionalshareholders
followingresultsandatotherkey
juncturesduringtheyear.
• TheDirectorofInvestor
Relationsisresponsiblefor
investorengagementand
ensuringthattheBoardiskept
apprisedofinvestors’views.
• Regularin-depthfeedbackon
investorviewsprovideddirectly
andbyourcorporatebrokers,
followingresults,meetings,
conferencesandteach-inevents.
• Tradingupdatesannounced
viatheLondonStockExchange
RegulatoryNewsServicein
additiontoourhalfandfull
yearresults.
Metrics
• Atotalof141investormeetings
covering111separatefirmsin
FY24,77ofwhichwere
attendedbyatleastoneofthe
ChiefExecutiveOfficer,Chief
FinancialOfficerorChairman.
• Regularqualitativefeedback
receivedfrominvestors
followingresultsandotherkey
announcements.
• Movementsinourshareregister
andsharepriceanalysis
reportedtotheBoard.
• Majorinstitutionalinvestorsand
proxyadvisoryfirmsconsulted
inrespectoftheCompany’s
draftnewRemunerationPolicy.
Outcomes
• Regulardialoguewithinvestors
throughouttheyearenabled
investorstodiscussquestions
andconcernsdirectly.
• Allresolutionspassedatthe
2023AGMwithatleast91.84%
ofvotesinfavourandover78%
oftotalvotingcapitalinstructed.
• A‘ProductTeach-in’eventheld
toprovideinvestorswiththe
chancetoengagewithour
product,sustainabilityand
marketingteams,givinga
deep-diveinsightintothe
strategyineachareaandlatest
productinnovations.
OUR PEOPLE
Why we engage
• Regular,high-qualityengagement
withourpeopledriveshigh
performanceandawillingnessto
goaboveandbeyondatalllevels
oftheorganisation,startingfrom
theverytop.
• Engagingwithourpeopleallows
thebusiness’sleadershipteamsto
measurethe‘moodmusic’ofthe
organisationthroughconstructive,
two-waydialoguetounderstand
whatisworkingwellandtoidentify
areasforimprovement.
• Touniteourpeople,creatinga
senseofbelongingwhichinturn
promotescollaborationacross
thebusinessandourunique
cultureandvalues.
• Toattractandretainthekey
talentrequiredtohelpusdeliver
ourDOCSstrategy.
How the Company engages
• OurglobalEngagementand
InclusionSurveyisdistributed
toallemployeesannuallyand
providesvaluableinsightinto
theirexperienceofworkingat
Dr. Martens.
• ‘OnBrand’,themonthlyblog
sharedwiththeglobalbusiness
byourCBO,IjeNwokorie,
providesemployeeswithregular
insightsintohisprioritiesand
theactivitiesofourBrand
functions,includinghighlights
fromkeyprojects,inan
engaging,digestibleformat.
• Ourquarterlyemployee
magazine,‘OnAir’,provides
newsfromacrossthebusiness
andisdeliveredbyemailand
inofficetoouremployees.
• GlobalandregionalTownHalls
keepemployeesupdatedon
businessdevelopments,share
insightintokeyinitiativesand
provideopportunitiestoask
questionsoftheGlobal
LeadershipTeam(GLT).
• Teameventsareencouraged
tocreateopportunitiesfor
peopletoconnectandtoshape
individualteamprioritiesand
alignourpeoplebehindthe
widerstrategy.
Metrics
• 92%responseratetothe
FY24Engagementand
InclusionSurvey.
• Atargetscoreforour
EngagementandInclusion
Surveyisastrategicbonus
targetfortheGlobal
ManagementTeamandSenior
ManagementTeam,linking
effectiveengagementwiththe
potentialremunerationofthe
Company’smostseniorleaders.
• 1,584ofourpeople
communicatedwiththe
business’sHRfunctionsusing
Menti,adigitalfeedbacktool.
Outcomes
• RegularGroupTownHalls
establishedinFY24tobring
supportinggroupfunctions
together,mirroringthesetup
ofourregions.
• ‘SpeakUp’policygoverning
internalwhistleblowing
proceduresrefreshedandrolled
outglobally.
• ‘WebinarWednesdays’offer
onlinesessionsonarange
oftopicstoassistourpeople
indevelopingtheirskillsand
knowledge.
• AGroupsocialcommitteewas
established,servingtheLondon
andCobbsLaneofficesinthe
UK.
• Amonthly‘InsideTracks’
newsletterwaslaunchedin
theUSA.
• InAPACleadersconducteda
holisticorganisationassessment
fromwhichseveralhighimpact
actionsweretakentoenhance
people’sengagementincluding
connectionforumsandrobust
communicationcadence.
STRATEGIC REPORT
19DR. MARTENS PLC ANNUAL REPORT 2024
STAKEHOLDER ENGAGEMENT AND SECTION 172 STATEMENT CONTINUED
PARTNERS
CONSUMERS
The key B2B partners
supporting the expansion
of our brand across new
and existing markets.
The patchwork of groups and
individuals who support our
brand and buy our products,
through any channel.
Why we engage
• Engagingwith,andactingin
theinterestsof,ourconsumers
iscriticaltothehealthofthe
Dr.Martensbrandandthe
long-termsuccessofthe
Company.Withoutthem,our
Companywouldnotexist.
Assuch,itisessentialthatthe
business,ledbytheBoard,
understandswhatmattersto
themsothatwecancontinue
toprovideaproductofferthatis
relevantandappealingwhile
remainingtruetoourbrandDNA.
How the Company engages
• Dedicatedsocialmedia
maintainongoingdialogue
andengagementwithour
onlineconsumercommunity,
establishingacontinuous
connectionbetweenthe
businessandconsumersand
providinganessentialsource
ofactionableinsight.
• Harnessingtheexpertiseof
ourretailcolleaguenetworkto
engagedirectlywithconsumers
instoresandthroughdigital
platforms,feedingkeythemes
backtomanagement.
• Developingunderstandingof
ourglobalconsumersegments
throughspecificandqualitative
research,helpingtodrivemore
localisedandtargetedbrand
initiatives.
• Anongoingcommitmentto
provideproductswhichmeet
ourconsumers’ethicaland
environmentalexpectations.
• Providingopportunitiesfor
consumerstofamiliarise
themselveswithnewsustainable
materialsandlearnmoreabout
themfromourknowledgeable
retailcolleaguesinaselection
ofkeystoresglobally.
Metrics
• Insightsfromtheannualand
quarterlyconsumersurveysinto
therelativeperformanceofour
brandandproducts,including
brandawareness,familiarity,
NetPromoterScoreandvalue
formoneyperception.
• Extensivequalitativeresearch
intoourconsumersegments,
includingdemographics,
purchasebehaviour,interests,
attitudesandvalues.
• Monitoringconsumersentiment
inrelationtosustainabilityvia
metricstrackingthesuccess
ofspecificproductlaunches,
recommerceinitiativesand
generalconsumerperceptions
ofoursustainabilitycredentials.
Outcomes
• Continuedgrowthandhigh
levelsofengagementand
brandresonanceamongour
onlineconsumercommunity,
• Successfullylaunchedournew
‘MadeStrong’brandplatform
duringtheyear.
• Investmentinconsumerinsights
todevelopourunderstanding
ofconsumersegments.
• Consumerfeedbackonthe
importanceofsustainable
productsandsaleplatforms,
resultinginnewrecycledleather
materialtrialandthelaunch
ofReWairintheUSA.
Why we engage
• Asthesourceofasignificant
proportionofGrouprevenue,it
isimperativethatwecontinue
tofosterclose,strongworking
relationshipswithourkeyB2B
partnersandensureourbrandis
showingupinanauthenticway,
withthequalityexperienceand
productassortmentsour
consumersexpect.
• Inlargegeographically
dispersedmarketssuchasthe
USA,thewholesalechannel
allowsustoreachmore
consumerstointroducethem
toourDr.Martensbrand.
• Toensurethatappropriate
inventoryandproductmixare
plannedfortherighttimesof
year,withanassortmentthat
supportstheconsumerwho
shopsinthosestores.
• ClosemanagementofourB2B
orderbookensureswedeliver
goodsontimeandenablesusto
reviewopportunitiestoupsellto
partnersbasedonourinventory.
How the Company engages
• Weworkcloselywithourpartners
ontheiroperationalstrategies,
ensuringthatourbrandisalways
wellrepresented.Wecontroland
approvestorenetworkexpansion
plansandhaveestablished
minimumsthateachpartner
mustpurchaseinordertoensure
thecontinuedgrowthofeach
respectivebusiness.
• RegionalB2Bfunctionsmanage
andmaintainrelationshipswith
ourwholesalepartners,including
regularcommunicationand
engagement.
• Reviewing,evaluatingand
implementingtheproduct
segmentationstrategywithinthe
B2Bmarketplace,ensuringwe
gettherightproductintotheright
locationstoservetheneeds
ofourpartnersandconsumers.
• EngagingwithourkeyB2B
partnersontheend-to-end
go-to-marketprocessensures
thatourbrandandproductsare
presentedinlinewithourseasonal
strategiesandbrandstories.
Metrics
• Continuousandconsistent
analysisofstocktosales
metricsandsell-throughdata
tomitigateriskandmaximise
in-seasonopportunities.
• OurB2Bpartnersaretieredinto
asegmentationprogramme,
whichisconstantlyre-evaluated
withaconsumerfirstmindset,
toensureourproductrange
landswithdifferentiationacross
themarketplace.
Outcomes
• Stepstakenduringtheyear
toelevateandexpandthe
penetrationofouraccountbase,
keepingtofewerbuthigher-
qualitypartnerstoexpandthe
reachofthebrandandincrease
awareness,managebrand
presentationandimprovethe
overallcustomerexperience.
• Continuedinvestmentinthe
refurbishmentofdistributorand
franchisestorestoenhance
theconsumerexperienceand
ensurebrandpresentationis
inlinewithourstandards.
• Leveraginglocaldistributor
expertiseallowsustotake
advantageofshort-term
opportunitiestoincreasebrand
awarenessandtestDTCviability.
20 DR. MARTENS PLC ANNUAL REPORT 2024
SUPPLIERS
ENVIRONMENT
& COMMUNITIES
Product manufacturers,
tanneries and other
producers of the materials
used in Dr. Martens products,
logistics carriers and
distribution centre partners.
The environment on
which our activities
have an impact and
the communities in
which the business
operates globally.
Why we engage
• Oursupplychainisfundamental
totheabilityofthebusinessto
operateeffectivelyanddeliver
ourDTCfirststrategy,enabling
thesourcing,manufacture,
storageanddistributionofour
productstoconsumersglobally
andatthescaleneededto
supportourgrowthambitions.
• TheSupplyChainfunctionis
responsiblefordeliveringmany
aspectsofthesustainability
strategyandworkswithsuppliers
todriveasustainable,responsible
supplychain.
• Oursuppliersarecritical
partnersinrealisingthe
objectivesofoursustainability
strategyandachievingour
science-basedtargets.
Embeddingourenvironmental
principlesandexpectationsin
termsofworkplacestandards
acrossthesupplychainisonly
possiblethroughconstructive
engagementwiththem.
How the Company engages
• Regularsupplierconferences
hostedbyourChiefOperating
Officer,GeertPeeters,wholeads
theGlobalSupplyChainfunction.
• MonthlyTier1operationalcalls
facilitatedbytheGlobalSupply
Chainleadershipteam.
• Seasonalcostingreviewsand
updatemeetingsheldwithall
Tier1suppliers.
• Anongoingprocessofregular
assessmentofmanufacturing
facilities,includingperiodic
inspections,improvement
activitiesandCSRaudits
conductedthroughtheCSR
monitoringprogramme,which
focusesonmanaginghuman
rightsrisksinthesupplychain.
• TheDr.MartensMasterSupplier
AgreementandSupplierCodeof
Conductiscommunicatedtoall
suppliers,whoarerequiredto
complywithitatalltimes.
• TheChiefOperatingOfficerisa
memberoftheSustainability
Committeeandplaysacriticalrole
inensuringoursupplychainand
sustainabilitystrategiesarealigned.
Metrics
• DataacquiredthroughtheCSR
monitoringprogrammeprovides
insightintolevelsofcompliance
withrelevantlabourlaws,
regulations,industrystandards
andourownSupplierCode
ofConduct.
• Environmentaldatarequested
fromTier1supplierstoenable
ustounderstandourScope3
emissions.
• Closemonitoringofour
paymentperformanceensures
oursuppliersarepaidinfulland
inatimelyfashion,providing
assuranceinachallenging
economicenvironment.
Outcomes
• Long-lasting,strong
relationshipsestablishedwith
keysupplierswhichencourage
highstandardsofdeliveryand
constructivewaysofworking.
• Agoodlevelofsupplier
alignmentwithoursustainability
prioritiesthroughtheadoptionof
arangeofrelevantpoliciesand
standards,includingtheSupplier
EnvironmentalStandardand
GeneralMaterialRequirement
Policyandsustainableleather
commitments.
Why we engage
• Asafootwearretailerwehaveto
bemindfuloftheimpactour
operationshaveonthe
environment.Wehave
developedaclearstrategythat
managesourprioritisedimpacts
ontheenvironmentandthe
communitieswereach,while
embeddingsustainabilityacross
thebusinessandsupplychain.
Thisincludesourscience-based
targettobeNet-Zeroacrossthe
valuechainbyFY40.
• Acommitmenttosupporting
causesthatmattertoourpeople,
includingthroughtheworkofthe
Dr.MartensFoundation.
• Corporatesocialresponsibilityis
asimportanttoourstakeholders
asitistothebusinessitself.As
such,theCompanyiscommitted
totransparencyinrespectofCSR
mattersandrecognisesthe
importanceofthisinmaintaining
trustingrelationshipswithour
keystakeholders.
How the Company engages
• Our‘Planet,Product,People’
sustainabilitystrategycaptures
theCompany’senvironmental
andsocialimpactcommitments;
theSustainabilityCommittee
overseesthestrategyand
monitorssustainabilityinitiatives
acrossthebusiness.
• Twopaidvolunteeringdays
providedtoemployeesperyear
toenablethemtosupportlocal
communityinitiatives.
• Updatesontheactivitiesofthe
Dr.MartensFoundationare
regularlysharedviainternal
communicationchannels.
• Employeeparticipationinthe
Dr.MartensFoundationis
encouraged,fromnominating
charitiestoreceivegrantsto
volunteeringatcharityevents.
Metrics
• 100%oftheleathersourcedfor
theAW24seasonwasfrom
LeatherWorkingGroup(LWG)
certifiedtanneries.
• 93.5%oftheelectricityusedby
DTCoperationsintheUKand
EMEAwasfromrenewable
sourcesinFY24.
• £1.9minfundingawardedto65
organisationsbytheDr.Martens
FoundationinFY24.
• Aninternalclimate-related
engagementandeducational
eventduringFY24reached
nearly700ofouremployees.
• Monitoringtheperformanceof
ourrepairandresaleinitiativesto
informfutureplansandgauge
consumersentiment.
• EnvironmentaldatafromTier1
suppliersenablesusto
understandoursuppliers’
environmentalimpacts.
Outcomes
• Continuedprogressineachofthe
sustainabilitystrategicpillarsof
‘Planet,Product,People’,detailed
intheSustainabilityReportfrom
page46.
• Approvalofourscience-based
targetsreceivedfromthe
ScienceBasedTargetsinitiative.
• Thelaunchofreclaimedleather
material,‘GenixNappa’,in
partnershipwithGeneration
PhoenixLimited.
• Severalglobalinternal
engagementandeducational
eventsprovidedopportunitiesfor
ourpeopletolearnmoreabout
oursustainabilitystrategyand
progressmadeinrecommerce
andsustainablematerials.
STRATEGIC REPORT
21DR. MARTENS PLC ANNUAL REPORT 2024
Planet
DTC FIRST
Buildbrandequityanddrive
marginexpansion
WHAT IT MEANS
Driverevenuegrowthandmarginexpansionviadirect-to-
consumerchannelswhichmeansexpandingandimproving
ourownedretailstoresandecommerceplatforms.Wewant
todevelopfrictionlessandbrand-enhancingomnichannel
consumerjourneys.Wealsowanttobuildaprofitableresale,
repairandend-of-lifebusinessmodel.
HOW WE PERFORMED IN FY24
• GrewourDTCrevenuewithmixincreasingby9%ptsto61%
• Opened46newstoresglobally
• SuccessfulrolloutofomnichannelintheUK
• SuccessfullaunchofauthorisedrepairintheUK,
maximisingtheuseablelifeofourproducts
• LaunchedReWairintheUSA,whichallowsconsumersto
buysecond-hand,restoredDr.Martensfootwearandbags,
withencouragingearlyresults
NEXT STEPS FOR FY25
• ContinuetorolloutomnichannelinEMEAstarting
withGermany
• Open25-30storesglobally,withafocusoncontinental
EuropeandJapan
• Continuetooptimisetheomnichannelconsumerjourney
WHAT IT MEANS
DriveDM’sculturewithafocusonorganisational
engagementanddevelopingourpeopleforgrowth.Wewant
tobuildabest-in-class,resilient,sustainableandscalable
supplychainandcontinuetotransformdataandtechnology
intoakeybusinessenabler,strengtheningorganisational
resilienceandinformationsecurity.
HOW WE PERFORMED IN FY24
• TransformationofourNorthAmericadistributioncentre
(DC)network,withtheexpansionofourNewJerseyDC,
theintroductionofautomationinourLADCandthe
openingofanewDCinCanada.Youcanreadmoreabout
ourNorthAmericaDCnetworkonpage24
• Madesomesignificantinvestmentsintalent,includingthe
creationofaChiefBrandOfficerroletooverseeallaspects
ofbrand
• Continuedtoimplementoursupplychainstrategy,
unlockingvaluethroughcostsavings
NEXT STEPS FOR FY25
• Furtherembeddinguseofourproductlifecycle
managementsystemintothebusiness,whichwillgiveus
detailedvisibilitytodriveefficiencyandspeedtomarket
• ImplementournewSupplyandDemandPlanningsystem
intothebusinesswhichwillimproveplanningcapabilityat
amoregranularlevel
ORGANISATIONAL AND
OPERATIONAL EXCELLENCE
Enablegrowthandunlockvalue
• Climate
• Operations
Our DOCS strategy is underpinned
by our Planet, Product, People
sustainability strategy
OUR STRATEGY
DELIVERING
AGAINST
OUR STRATEGY
22 DR. MARTENS PLC ANNUAL REPORT 2024
Product People
WHAT IT MEANS
IgnitethebrandenginetoinspireRebelliousSelfExpression.
Ourproductinnovationisgroundediniconsandyear-round
relevance.Weaimtoleadinsustainabilitythroughdurability
andinnovation.Finally,wewillharnessinsightsanda
digital-firstmindsettodrivecut-throughmarketinginitiatives.
HOW WE PERFORMED IN FY24
• Launchedanewbrandplatform,MadeStrong,tobuild
brandawarenessandbringnewconsumersintothebrand.
YoucanreadmoreaboutMadeStrongonpage27
• LaunchedanewcategorywithinourAMPcollection,14XX,
whichisfocusedoninnovatingaroundourcoreproducts,
the1460boot,1461shoeand2976Chelseaboot
• Launchofnewproductrangemadefromreclaimedleather,
followingourpartnershipwithGenPhoenix
NEXT STEPS FOR FY25
• Reorganisethebrandorganisationunderthenew
ChiefBrandOfficer
• Pivotourmarketingtofocusonouriconicproducts,
particularlyboots
• ContinuetodevelopourCustomerDataPlatform,
allowingustobetterunderstandourconsumersand
usemoretargetedmarketing
• Continuetofocusontesting,developingandincluding
moresustainablematerialsacrossourproductrange
WHAT IT MEANS
WeaimtopartnerwithfewerandbetterB2Bpartnerstoreach
moreconsumerswithgreaterbrandpresence.Wewillcontinue
toimproveourbrandpresentationandincreasecontrolled
spacestoenhancetheconsumerexperience.Finally,thispillar
includesourconversionmarketstrategy,whichenablesusto
implementourDOCSstrategyinmoregeographies.
HOW WE PERFORMED IN FY24
• Wholesalerevenuesdown28%drivenbywidespread
customercaution,particularlyintheUSA
• Tookthestrategicdecisiontoreduceboththebreadth
ofproductandthetotalvolumessoldtoEMEAe-tailers
toacceleratemigrationofdemandtoourownchannels
• ContinuedsuccessinourcontinentalEuropean
conversionmarkets.Readmoreonpage28
NEXT STEPS FOR FY25
• Worktoformstrongeranddeeperpartnershipswithkey
USAwholesaleaccounts
• ContinuetodrivegrowthinEMEAconversionmarkets;
theserepresentamulti-yeargrowthopportunity
CONSUMER CONNECTION
Acquirenewconsumers
anddriveloyalty
SUPPORT BRAND
EXPANSION WITH B2B
ManageB2Bholisticallyandpurposefully
• Materials
• Packaging
• Lifecycle
• DE&I
• Humanrights
• Community
We want the world to wear DM’s footwear
when they have their moments of Rebellious
Self Expression.
Our DOCS strategy is about selling more
pairs of boots, shoes and sandals, to more
people, through our own DTC channel,
in our seven priority markets.
UK / USA / FRANCE / GERMANY /
ITALY / JAPAN / CHINA
STRATEGIC REPORT
23DR. MARTENS PLC ANNUAL REPORT 2024
BOOSTING
MAKING AND SOURCING DISTRIBUTIONRAW MATERIAL
EXTENDING LASTING RELATIONSHIPS WITH OUR SUPPLIERS
Strengtheningourstrategicpartnershipwithkeysupplierstodeliver
continuedhighstandards,constructivewaysofworkingandprofitable
businessforthelongterm.
NORTH AMERICA DISTRIBUTION NETWORK
Duringtheyear,wehavetransformedourNorthAmericandistribution
centre(DC)networkforfuturegrowth.Firstly,wecompleted
automationinourLosAngelesDC,configuringittodeliverspeed
andcostefficiencies.Secondly,weexpandedourprimarilydirect-to-
consumerNewJerseyDC,enablingustopick,packandship
wholesaleordersfromtheEastCoastofthecountry.Finally,in
Canada,wehavemovedtoalargerDCinToronto,whichisbetter
placedtoserveourbusinessinthismarketasitgrows.
Wearecurrentlyusingtemporarystoragefacilitiesaroundour
LosAngelesDCduetoourelevatedlevelsofinventory;weexpect
toexittheseinFY26.
OUR STRATEGY IN ACTION
24 DR. MARTENS PLC ANNUAL REPORT 2024
RETAILING, ECOMMERCE, WHOLESALE
C.70%
direct control over our supply chain
inputs today – increased from c.10%
five years ago
LINKS TO STRATEGY
Fastforwardtotoday,wenowsourceallofthekey
componentsofourproductsandworkwithour
suppliersondetailedcostingtoensuretheymake
afairprofit,butalsogivingusgreatercontrolover
productqualityandconsistency.
Duringthisfinancialyear,wehaveseenmaterial
savingsinsupplychaincosts,benefittingourgross
margin,andaswemoveforward,webelievethere
arefurtheropportunitiestooptimisecost,whilst
guaranteeingqualityandthereforefurthergross
marginimprovement.
SUPPLY CHAIN STRATEGY
Overthelastfiveyears,wehavebeenexecuting
oursupplychainstrategyandincreasingthe
controlwehaveoverourend-to-endsupplychain
inputs.Backin2018,Dr.Martensusedtobuya
finishedproductfromasupplierandhadlimited
visibilityoftheproductionprocessandcost
componentsofthatproduct.
FINANCE REVIEW P32
SUSTAINABLE INITIATIVES
DuringFY24,welaunchedtworepairandresale
initiativestohelpourconsumersextendtheuseablelife
oftheirDr.Martensproducts.IntheUKwelaunchedan
authorisedrepairserviceinpartnershipwithTheBoot
RepairCompany,whohaveover120years’experience
ofexpertlyrepairingandrestoringboots,shoesand
leathergoods.RepairsarecarriedoutbyTheBoot
RepairCompanyusingthesamemachineryand
componentsthatmakeourbootsandshoes.
IntheUSA,welaunchedourresaleplatform,ReWair,
followingthesuccessofourUKresaletrial.Consumers
canpurchasepre-lovedDr.Martensfootwearandbags
fromourdedicatedReWairwebsite.Forthefirsttime,
wealsolaunchedproductsmadefromreclaimedleather,
whichhelpstackleleatherwasteinthesupplychain.
Theseinitiativescomeunderthe‘DTCfirst’and
SUSTAINABILITY P46
DRMARTENSREPAIRS.COM
US.REWAIR.DRMARTENS.COM
EFFICIENCY
ENHANCING OUR
SUPPLY CHAIN
CONSUMER
PRODUCT END OF USEABLE LIFE
EXTENDING LIFESPAN
CARE
REPAIR
RESALE
RECYCLING
PARTNERSHIPS
‘Consumerconnection’pillarsofourDOCSstrategyand
supportprogresstowardsoursustainabilitycommitments.
YoucanreadmoreinourSustainabilityReportfrompage46.
MOVING TOWARDS CIRCULARITY
Byofferingcare,repairandresale,andbuildingglobal
recyclingpartnerships,wearesupportingthedevelopment
ofthecirculareconomy.
STRATEGIC REPORT
25DR. MARTENS PLC ANNUAL REPORT 2024
STRATEGIC REPORT