Dr Martens looks to raise US prices amid Trump tariffs hit

Dr Martens expects to take a multimillion-pound hit this year from US tariffs and is looking to raise prices to offset the impact.

The majority of its footwear is manufactured in Vietnam, which has been subjected to higher US tariffs in President Donald Trump’s trade war.

Dr Martens now expects a "high single digit" million-pound impact from tariffs on full-year profits, with roughly half offset in 2025-26 due to the timing of actions being taken.

Despite this, the company remains on track with full-year forecasts for between £53 million to £60 million underlying pre-tax profits, though this figure does not include the tariff hit.

Shares in the firm fell 8 per cent in Thursday trading.

The group, known for its distinctive yellow-stitched boots, plans to fully offset these additional tariff costs from 2026-27 onwards.

It said: “This aim has driven both the actions we have taken 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 control, flexible product sourcing, and targeted adjustments to our USA pricing policy.”

Its update on tariffs came as half-year results showed Dr Martens narrowed pre-tax losses to £11 million for the six months to September 28 from losses of £12.3 million a year earlier.

Sales rose 0.8 per cent on a constant currency basis to £327.3 million in the first half as Dr Martens praised its “consumer first” strategy.

Ije Nwokorie, chief executive of Dr Martens, said: “Our brand is strong, as evidenced by the 33 per cent increase in shoes volumes and the successful launch of new products such as the Zebzag Laceless boot and the 1460 Rain boot.

“While it’s still early days, we are happy with the advances we’re making and are seeing green shoots.

“While the marketplace remains uncertain and consumers are cautious, and our biggest trading weeks are ahead, we are confident in our plans for the year.”