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On Thursday, Berenberg analysts initiated coverage on Dr. Martens Plc (LSE:DOCS) with a Buy rating and a price target of £1.02. The firm highlighted the iconic footwear brand’s significant potential for global expansion, noting its current minimal market share and strong brand recognition.
Dr. Martens, renowned for its robust and culturally resonant boots, generates less than 18% of its total revenues from the UK market, where it holds approximately 1% of the total footwear market share. Berenberg analysts emphasized the opportunity for growth, pointing out that the brand’s global market share stands at a mere 0.0003%.
The brand’s recognition is particularly strong, with 74% of consumers in its operating markets aware of Dr. Martens. The UK boasts the highest brand awareness at 92%, followed by 73% in the US and 53% in Japan, which is the company’s largest market in the Asia-Pacific region.
Dr. Martens has been focusing on a direct-to-consumer (DTC) strategy but also maintains a commitment to its wholesale distribution channels. Berenberg suggests that the company’s expansion strategy could include opening approximately 15 new stores per annum for DTC, in addition to forming new wholesale partnerships.
The analysts identified large countries and regions such as India, South Africa, and the Middle East as untapped markets for Dr. Martens, indicating these areas as potential avenues for the brand’s future growth and increased presence.
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