Image: Dr Martens on Instagram
Shoe brand Dr Martens has seen a sensational profits boost thanks to the success of its vegan boot range.
The company reported a profit surge of 70% in the year leading to March, with online sales up by two thirds to £72.7m – 16% of total revenue.
Dr Martens’ vegan range replaces animal leather with a synthetic polyurethane plastic.
The company says the material performs “as well as the real thing” and is made using “absolutely no animal products”.
Chief Executive Kenny Wilson reported sales of the vegan range were up by ‘multiple hundreds of percent’ and now account for 4% of the company’s sales.
Consumers are becoming more aware of the brutal treatment of animals in the leather industry, leading them to choose vegan shoes.
Dr Martens has built on its traditional boot by introducing shoes, sandals, collaborations with celebrities and shoes for children.
The company was bought by Permira in 2013 for £300m, but the owner is now understood to be considering a stock market flotation to realise the profits made.
Dr Martens’ revenues have tripled in that time from £160.4m in 2012-13 financial to £454.4m in the year to 31 March 2019.
Wilson said the company is “empowering rebellious self-expression” for consumers purchasing the iconic brand.
A total of 8.3 million Dr Martens shoes were bought in the financial year.
What do Dr Martens’ profits say about the vegan market? Share your thoughts in the comments below!