Profits for iconic English footwear retailer Dr Martens have increased by 70 percent, thanks in part to the success of its vegan range of boots.
In the year to the end of March 2019, the brand's online sales have risen by two-thirds to £72.7 million - accounting for 16 percent of its total revenues, The Guardian reports.
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The brand's vegan range has recently surged in popularity, now accounting for 4 percent of the shoemakers' sales. The leather upper is replaced with synthetic polyurethane plastic, making the boots a popular choice amongst environmentally-conscious wearers and the brand's loyal fanbase of contemporary consumers.
Dr Martens have also found success with their alternative ranges. The brand capitalised on its historic status as a youth subculture staple with its recent Sex Pistols collaboration, and kicked off a range of sandals.
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The company confirmed its profits - without accounting for expenditure on its new market expansion - have increased by 70 percent year-on-year to £85 million.
European private equity firm Permira purchased the company in 2013 for £300 million, and is now investigating a possible sale or stock market flotation, says The Guardian.
"They are starting to look ahead to when they are going to sell the business," says company CEO Kenny Wilson.
Wilson says Dr Martens is "empowering rebellious self-expression" for millions of customers. Over eight million pairs were sold over the last year.
Dr Martens was first founded in 1947 by former World War II doctor Klaus Martens, but were only manufactured in the UK in 1960. The boots have since become a cultural icon, from their association with youth subcultures and musicians to their acceptance into mainstream fashion.
Newshub.
