Dr Martens insists its reduced reliance on promotions and customer-first strategy is paying off, despite seeing revenues slide.

In its Q3 trading update, group revenue fell 2.7% year-on-year on a constant currency basis to £253m for the 13 weeks ending 28 December 2025, which the retailer attributed to a “challenging consumer environment” and “disciplined approach to promotions”.

Third quarter direct-to-consumer (DTC) revenue was down 6.5% year-on-year on a constant currency basis. However, wholesale revenue rose 9.5%, while full price DTC revenues rose 2% for the year to date.

On a call with investors today (27 January), CMO turned CEO Ije Nwokorie called it a “year of pivot” for the brand, claiming a “disciplined approach to promotions” – including reducing the reliance on off price deals – led to the revenue decrease.

“We just have to get through this pivot piece of moving away from discount,” said the Dr Martens CEO.

The Americas saw 2% revenue growth, with DTC up 1% and wholesale up 6%. EMEA wholesale revenue rose 13%, with DTC sales down 12%, with an overall revenue decline of 6% in constant currency terms during Q3.

APAC registered wholesale revenue growth of 8% and a 6% decline in DTC revenue, resulting in an overall revenue decline of 3%.

Looking specifically at America, Nwokorie said the brand has seen the customer react “really well, particularly to new products and more of an elevated product”.

Turnaround time

Despite the falling sales, Dr Martens claims it is “on track” with its “consumer first strategy” first announced in June 2025, as it looks to move away from a “channel first strategy”. At the time, Nwokorie defined the new strategy as “having clear consumer benefits and reasons to buy” and not just relying on the brand as a “halo”.

Yet John Miller, co-owner and CFO of B2C brand tracker Traction, warned in a Marketing Week column Dr Martens “lacks proof that the world wants more than its boots”.

In the trading update, the company said it is “continuing to make good progress with all four Levers for Growth”, including reducing reliance on discounts in America, driving pairs growth in new product families such as Buzz, opening new markets and simplifying the operating model.

Nwokorie reported customers are “backing” core products as well as new lines, crediting tie-ups with the likes of Netflix series Wednesday and designer Marc Jacobs as driving growth away from promotions as these styles “only sold in DTC at full price”.

Last year, Dr Martens said it would continue to lead marketing with product, as well as delivering “a seamless omni-channel experience tailored to each consumer”. The intention is to “build post-purchase engagement” to increase purchase frequency and consumer spend.

Dr Martens: Boots, balance sheets and a battle for relevance  

The business also said at the time its new customer data platform will mean relevant messaging will be sent to customers instead of mass messaging, giving the team greater insight into customer journeys. During Dr Martens’ H1 results in November, Nwokorie explained the platform has allowed marketing messages to be customised based on customer profiles.

Reflecting today on the success of ad spend and marketing, CFO Giles Wilson said the new customer data platform has led to “much better data”.

“We can start to see how to be much more targeted about the way we’re doing that type of advertising,” he stated.

In terms of Dr Martens’ “bigger” marketing campaigns, Wilson noted “real interest” and “a lot of discussion around products” has been driven by the Rain Boot campaign, released in November.