Dr. Martens shares plunged to a record low on Tuesday after the company forecast a challenging 2025 outlook, citing a significant drop in U.S. sales. Warmly called “Docs” by wearers, Dr. Martens has stood strong for nearly eight decades as it transitioned from work boot to punk symbol to Gen Z “it” shoe. But its signature “worn for a lifetime” ethos that helped it endure the years could be the very reason for its plummeting sales.
Though the brand was once made for workers and the military, Dr. Martens has gained a foothold with Gen Z consumers in recent years. Their footwear is a staple for young fashion icons such as musician Olivia Rodrigo, influencer Emma Chamberlain, and model Bella Hadid. But a closer look at the paparazzi shots may reveal another reason behind the sales slump. Celebrities are often spotted in the same beat-up pairs of Dr. Martens for years. Docs are famously made to last—and the durability that led to its popularity may be the very thing keeping it from astronomic growth.
“The FY25 outlook is challenging,” CEO Kenny Wilson said in a statement, and added that Dr. Martens is focused on reigniting boot demand particularly in the U.S. Dr. Martens also announced on Tuesday the departure of Wilson after six years at the helm. Chief brand officer Ije Nwokorie will take over before the end of the current fiscal year. The company’s stock sank to a record-low £0.64 early Tuesday, a decline of 80% from its 2021 IPO.
Wholesale revenue in the U.S. is expected to be down by double digits year-over-year, the iconic boot brand said in a statement. It added that the “worst-case scenario” is its profit before tax landing at “around one-third of the FY24 level.” The company cited several other reasons for its weakened outlook: single-digit inflation in its cost base, additional inventory storage costs due to the struggling U.S. wholesale business, and ongoing investments in a new supply chain system and customer data platform.
“When customers gain confidence in the market we will see a significant improvement in our business performance,” the statement continued. “But we are not assuming that this occurs in FY25.”
Why is it flopping?
The shoemaker brands itself as “worn for a lifetime”—and its shoes tend to last between five to seven years, according to shoe repair company NuShoe. The brand has long eschewed a fast-fashion mentality, and encourages shoppers to take care of their shoes using its line of care products such as cleaning balms, sprays, and brushes. It even once had a line of shoes called “For Life” that qualified for lifetime warranty—until it was discontinued in 2018.
The brand has tried to diversify its offerings with trendier styles and designer collaborations—introducing printed, patterned, embroidered, and even fur-lined Docs. But as the classic designs tend to be the brand’s bestsellers, more creative styles can pile up in warehouses. In fact, trying too hard to keep up with trend cycles could alienate shoppers.
Having “too many styles” can risk “overwhelming and confusing customers,” Retail Strategy Group principal Liza Amlani told the BBC in November.
Though Dr. Martens remains a popular brand with shoppers across generations, its popularity has taken a hit, according to L.E.K. Consulting. The firm ranked Dr. Martens the eighth most popular casual women’s footwear brand of 2024—down from sixth place last year.
Investors are betting a new CEO could help Dr. Martens step in a different direction. But they may want to pay attention to the cautionary tale of the beloved 7-in-1 Instant Pot cooker, whose parent company filed for bankruptcy in 2023 after it introduced air fryers and blenders that failed to catch on. A product made to last a lifetime can easily build a cult following—but the fact that it rarely needs to be replaced may be the Achilles’ heel that keeps its makers from astronomic growth.
