The new boss of Dr Martens plans to revive it by focusing on shoes and sandals as well as its boots.
Ije Nwokorie, who took over as chief executive at the start of the year, said the ‘narrow focus on boots failed to take full advantage’ of other areas of the business. He also said that Dr Martens must wean itself off an over-reliance on discounts.
‘We’re shifting our strategy to broaden our focus and give people more reasons to buy Dr Martens,’ said Nwokorie.
‘The strategy the business had broke growth in boots, built awareness around the world – but the market shifted away from boots.’
Dr Martens reported a slump in annual profits to £34.1million in the year to the end of March, from £97.2million a year earlier.
But this was better than expected by City analysts and shares rocketed 25.8 per cent, or 15,45p, to 75.4p. The company expects profits to rise ‘significantly’ this year.
Profits down: New Dr Martens boss Ije Nwokorie (pictured) said the ‘narrow focus on boots failed to take full advantage’ of other areas of the business
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