Dr. Martens shares plunge to record low after weak US revenue outlook

By ANNE D’INNOCENZIO and WYATTE GRANTHAM-PHILIPS
AP Business Writers

NEW YORK (AP) — Shares of Dr. Martens have plunged after the iconic British brand forecast wholesale revenue in the U.S., its largest market, would decline by double-digits compared with last year. Dr. Martens also announced a leadership shakeup. 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. The company’s chunky footwear became a symbol of youthful rebellion in the 1960s and has remained popular with a string of subcultures since. But the business got tripped up with overexpansion and brand mismanagement in recent years.