Updates & Ideas

Dr. Martens - Continues to deleverage

March 2026

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Few brands can claim the kind of cultural resonance that Dr. Martens (DOCS; 67p) enjoys. Known to most simply as “DMs,” the iconic boots and shoes have transcended fashion cycles for over 60 years, symbolizing rebellious self-expression while appealing across generations, genders and continents. With the average customer acquiring nearly three pairs in a lifetime, the loyalty is tangible. Historically, DOCS grew on the back of others, relying on a wholesale-led model to get its boots into shops far and wide. But under VC Permira’s stewardship, DOCS made a decision to push direct-to-consumer across seven key markets - the UK, US, Germany, France, Italy, Japan and China - where selling directly generated roughly two to four times th ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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