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Dr. Martens Dour US Revenue Outlook for the Year Sends Stock of Iconic Bootmaker Plunging

A Dr. Martens boot inspired by Elton John's famous Pinball Wizard outfit is shown at a promotional event in London, March 20, 2023. (AP)
A Dr. Martens boot inspired by Elton John's famous Pinball Wizard outfit is shown at a promotional event in London, March 20, 2023. (AP)
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Dr. Martens Dour US Revenue Outlook for the Year Sends Stock of Iconic Bootmaker Plunging

A Dr. Martens boot inspired by Elton John's famous Pinball Wizard outfit is shown at a promotional event in London, March 20, 2023. (AP)
A Dr. Martens boot inspired by Elton John's famous Pinball Wizard outfit is shown at a promotional event in London, March 20, 2023. (AP)

Chunky bootmaker Dr. Martens is warning of a tough year ahead.

Dr. Martens shares plunged more than 30% Tuesday after the iconic British brand forecast wholesale revenue in the US, its largest market, would decline by double-digits compared with last year.

Trading in Dr. Martens stock was temporarily halted on the London Stock Exchange early Tuesday as it sank to a record-low 0.64 pounds, according to FactSet.

That could translate into a sizeable hit to profits, with the company pointing to a base projected impact of 20 million pounds ($24.9 million) on pretax earnings year-over-year. In-season orders from wholesale customers could help ease US revenue expectations, the company noted, but those are difficult to predict.

Beyond weakening revenue, Dr. Martens anticipates other hefty expenses related to the company's employee retention plans as well as single-digit inflation in its cost base. Unlike years past, the brand does not plan to increase prices to offset those costs.

Dr. Martens also announced a leadership shakeup on Tuesday. After six years at the helm of the company, CEO Kenny Wilson will step down. Ije Nwokorie, Dr. Martens’ chief brand officer, will take his place before the end of the current fiscal year.

In a prepared statement regarding 2025's financial outlook, Wilson acknowledged the challenges ahead, saying that Dr. Martens is focused on its plans to "reignite boots demand, particularly in the USA.”

Still, Wilson said that the brand “remains strong.” Dr. Martens said it saw a pick-up in direct to consumer growth during the fourth quarter.

Shares for Dr. Marten are down more than 56% over the last 12 months, per FactSet.

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Fashion

Dolce & Gabbana Debut in Paris, Showing Italian Artistry on French Soil

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
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Dolce & Gabbana Debut in Paris, Showing Italian Artistry on French Soil

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann

For the first time in their 40-year history, the Italian design duo Dolce & Gabbana are showcasing their work in the French fashion capital. Paris, the birthplace of haute couture, now finds itself hosting a powerful Italian counterpoint to French luxury fashion.
The message, as curator Florence Müller puts it, is direct: “Yes, Italy does it too.”
The landmark exhibition, Du Coeur a la Main (From the Heart to the Hand) running from Jan. 10 to March 31, is not only a love letter to Italian craftsmanship, but to the interconnectedness of fashion. “The story of couture is global,” Müller explained. “Embroidery, lace, brocade — they existed long before Parisian couture, in Italy, in India, and beyond.”
Spread across 1,200 square meters (1,400 square yards) of the newly refurbished Grand Palais, the exhibit showcases over 200 looks from the company's Alta Moda and Alta Sartoria collections and 300 handmade accessories, as well as objects like Sicilian ceramics. It includes 10 themed rooms that delve into the artistic roots of Dolce & Gabbana’s work.
Baroque grandeur defines the collection, unapologetically maximalist and layered with embellishments. Among the highlights is a gown inspired by Venice's Murano glass, encrusted with glass mosaics from Orsoni Venezia 1888, the glassmakers behind the golden mosaics of St. Mark's Basilica. Müller described it as “a sculpture on textile — pure craftsmanship elevated to art.”
Opera takes center stage. A black velvet gown softened by gold embellishments captures the drama of Bellini’s Norma, while a romantic blue dress for Verdi’s La Traviata flows like an aria, its tulle layers whispering love and loss. Meanwhile, icons of the brand, such as Sophia Loren and Naomi Campbell, are immortalized in giant paintings. Classical Italian opera and traditional Sicilian folk melodies provide the soundtrack, adding layers of drama.
But Du Coeur a la Main is not just about finished pieces. Five real seamstresses from Dolce & Gabbana’s Milan atelier work live during the exhibition, crafting bodices, bustiers and corsets before visitors’ eyes. “This seamstress is sewing lace to form a dress, while another is draping fabric by hand,” Müller said. “It’s extraordinary. This is not just fashion — it’s art.”
Sicily, Domenico Dolce’s birthplace, lies at the heart of the collection. Traditional Sicilian hand-painted carts, ceramics and lace-making techniques are woven into couture. Yet the exhibit also underscores fashion's often-ignored global influences.
“Luxury goods and artisans traveled more than we think,” Müller said. “The silk and brocades used at Versailles Palace came from India, and Italian artisans were hired to craft the Hall of Mirrors ... (Fashion) is constant exchanges and inspirations — this exhibit reveals what time forgot.”
Italian and French fashion have long been framed as rivals, with French conglomerates such as LVMH and Kering and Paris Fashion Week sometimes viewed as the pinnacle of the industry. But this exhibition challenges that hierarchy, showing that the two traditions are more interconnected than they are opposed. Both rely on les petites mains — "the little hands" — the artisans whose precision and passion elevate couture to art.
“The techniques may differ — Sicily’s lace traditions versus Paris’s tailoring — but the soul of couture remains the same: the human touch,” Müller said. The exhibit reveals the shared ingenuity of French and Italian ateliers, whether in a Sicilian workshop or a Parisian salon.
Even beyond couture, the exhibit highlights the breadth of “Made in Italy.” Everyday items like Smeg refrigerators and coffee presses given a D&G reworking reflect the ethos of Italian craftsmanship, transforming functional objects into canvases for artistry.
“Fashion is art. It’s meant to inspire, to dazzle, to make us dream. Whether you wear it once or never, its value is in its beauty, not its practicality,” Müller said.
When asked about hyperbole of the dazzling gowns — many of which seem impossible to wear on the street — she replies with a smile: “So what?”