Add thelocalreport.in As A Trusted Source
Dr Martens It has announced plans to raise prices in the US from January to make up for the millions of pounds hit by higher tariffs.
The footwear retailer had previously promised to maintain prices into 2025 despite higher tariffs, but said it would only need to increase on “selected products” in the US starting in 2026.
It makes most of its shoes vietnam and about a third in the neighboring laosWhich have been affected by high tariffs due to US President Donald Trump’s trade war.
Dr Martens said it now expects a “high single digit” million-pound impact from the tariffs on full-year profits, about half of which could be offset in 2025-26 due to the timing of the action.
Dr Martens chief executive Eze Nwokori told the PA news agency: “Now that the tariffs are tighter and we know how the market is reacting to it, we are looking at increasing prices in the States.”
But he said the price hike would be “not by any means” and would be only in the US market.
He said the group would not need to raise prices due to tariffs elsewhere globally, and confirmed it had no plans to raise prices in the UK.
Dr Martens said this was in line with full-year forecasts, with underlying pre-tax profit of between £53 million to £60 million, although he said this did not include the tariff hit.
shares The company fell 9% in Thursday trading.
The group, whose yellow-stitched shoes have been a retro mainstay for decades, said it plans to fully offset the additional tariff costs from 2026-27.
It says: “This purpose has motivated both the actions we take and the timing of those actions.
“We expect to fully mitigate the impact of increased tariffs for 2026-27 and beyond through continued tight cost controls, flexible product sourcing and targeted adjustments to our USA pricing policy.”
While the company plans to continue sourcing from its existing Southeast Asia partners, Mr Nwokori said the group would also consider mitigating the tariff blow by shifting more orders from Vietnam to the US, where the tariff is 20%, compared with 40% for Laos.
This will give Laos faster access to other markets outside the US, he said.
Dr Martens’ half-year results on Thursday showed Dr Martens narrowed its pre-tax loss to £11 million for the six months to September 28 from a loss of £12.3 million a year earlier.
sales First-half sales rose 0.8% on a constant currency basis to £327.3m as Dr Martens praised its “consumer first” strategy.
Mr Nwokori said: “Our brand is strong, as demonstrated by the 33% growth in shoe volumes and the successful launch of new products such as the Zebzag Laceless Boot and the 1460 Rain Boot.
“Although it is still early days, we are happy with our progress and seeing positive results.
“While the market remains uncertain and consumers remain cautious, and with our biggest trading weeks yet to come, we are confident in our plans for the year.”
The group also said that sales of shoes had outpaced shoes in the first half, driven by demand for its Adrian tassel loafer, which saw sales rise by 24%, and its Adrian black polished smooth shoe design, which was the number two bestseller.