Dr Martens promises not to raise prices this year despite US tariffs
Dr Martens has vowed not to increase prices this year and will continue sourcing from Vietnam and Laos, despite the threat of cripplingly high tariffs on the south-east Asian countries, where the bulk of its shoes are made.The British footwear brand, best known for its boots with distinctive yellow stitching, said most of its autumn and winter stock would be either in the market or in transit by the start of July, around the time the 90-day pause on an array of tariffs imposed by the US is due to come to an end.Almost two-thirds (62%) of Dr Martens footwear is made in Vietnam, and a further 31% is produced in neighbouring Laos.Both countries were previously hit with some of the highest US tariffs, after China – 46% for Vietnam and 48% for Laos – before Donald Trump’s temporary pause reduced them to 10%.Despite this, Dr Martens said it was not considering moving any of its manufacturing to other locations.
“We are really thoughtful and scenario-planning about tariffs, but they are not making us do anything crazy,” Ije Nwokorie, the company’s new chief executive, said.“These are long-term relationships, and you support each other’s business when you are going through tough times.”Nwokorie said the company – which sells its 1460 model of leather lace-up boots for £170 – was helped by the fact that tariffs were levied on the cost of goods rather than the price they were sold for.“We are a high gross margin business, which means we are a low cost of goods business.From a competitive point of view, there is less impact on us than companies who don’t have our gross margins,” he said.
He added that keeping the prices of its shoes, boots and bags unchanged was “sustainable for this year” but said the company would be keeping control of its costs,Despite the threat of higher tariffs affecting its products imported into the US, Dr Martens said its sales in the country had picked up over the past year as it focused on selling footwear directly to customers through its stores and website,On Thursday, the company reported a slump in profits for the year to the end of March – to £8,8m, down from £93m a year earlier – as it faced “challenging macroeconomic and consumer backdrop” in several of its key markets, including the UK,The company makes 2,000 pairs of boots a week at its Northampton factory, although this only accounts for 1% of its production.
It said UK sales were “challenging”,Nwokorie blamed this on an extended period of high levels of discounting at UK retailers, which the company is aiming to reduce,Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionNwokorie announced a plan to turn around the business, including by streamlining operations and tailoring marketing to different markets,He said he wanted to focus on Dr Martens’ shoes, sandals and bags, alongside its boots,The company’s shares hit an all-time low in April after Trump’s first tariff announcement.
However, the turnaround plans seemed to please investors and its shares rose 24% during morning trading on Thursday, making them the top riser on the FTSE 250 index.The boot brand was originally created in 1945 by a young German army doctor, Klaus Märtens, who designed an air-cushioned sole to help his recovery from a broken foot.They were introduced to the UK in 1960, with their sturdy design gaining popularity among postal delivery workers and factory staff before being embraced by skinheads and punks.
EU agrees to increase flight delay times before passengers get compensation
EU countries have agreed to increase the amount of time aircraft passengers are delayed before they can qualify for compensation.Passengers on short-haul flights would have to be delayed by four hours or more before they could claim compensation, under the plans. For long-haul flights delays would have to be six or more hours. Current EU rules dictate that passengers can ask for compensation if their flight is delayed for more than three hours.The EU countries also agreed to increase the amount of compensation for those delayed on short-haul flights from €250 (£211) to €300, but plan to reduce compensation for long-haul flights from €600 to €500
Donald Trump calls for big cut to US interest rates after jobs report shows hiring slowdown – as it happened
Newsflash: Hiring slowed across the US economy last month, and fewer jobs were created than previously thought in March and April too.The US added 139,000 new jobs in May, according to the latest non-farm payroll report, with the US unemployment rate unchanged at 4.2%.Economists had expected the non-farm payroll to rise by 130,000 jobs, so this is slightly higher than forecast.The U
Shopper put on facial ID watchlist after dispute over 39p of paracetamol at Home Bargains
A London woman has made a data complaint after discovering she had been put on a facial recognition camera watchlist at a Home Bargains store after a dispute over 39p worth of paracetamol.She learned of her entry on a database of banned customers when a member of staff at the store in Grove Farm retail park in Chadwell Heath asked her to leave and directed her attention to a Facewatch sign.Facewatch is a facial recognition system used by retailers to identify and deter shoplifters by analysing CCTV footage and comparing faces against a private database of known offenders. It triggers an alert to staff when a match is made by the software.Stores including Asda, Budgens, Sports Direct and Costcutter have used the technology, despite privacy campaigners arguing that the surveillance infringes the rights of shoppers
Trump says Musk has ‘lost his mind’ and dismisses peace offering
Donald Trump appeared to dismiss a peace overture from his former close political ally Elon Musk on Friday, calling him someone who had “lost his mind” as the extraordinary falling out between the two men looked set to continue.The US president and the richest person in the world – who had been tasked with slashing the federal government – fell out in spectacular fashion on Thursday in a series of escalating social media posts that roiled the political world.On Friday, ABC News interviewed Trump by phone and he doubled down on his newfound hostility to Musk, who had backed him with millions of dollars in the 2024 election campaign.The news channel asked Trump about reports of a call scheduled with Musk for later in the day. “You mean the man who has lost his mind?” Trump replied, saying he was “not particularly” interested in talking to him right now
French Open 2025 semi-finals: Alcaraz battles past Musetti, Sinner v Djokovic to come – live
Tomorrow, of course, we’ll be bringing you the women’s final between the top two seeds, Aryna Sabalenka and Coco Gauff. It’s hard to look beyond the former, who’s playing better and absolutely devastated Iga Swiatek in the deciding set of the semi. But Gauff has a terrific temperament and an equally good backhand, knows she can win a major, and that she’s facing an opponent who isn’t totally at home on clay and still has a collapse in her. Sabalenka remains a warm favourite, but she is pregnable.TNT have just shown a great little spot with Andre Agassi, who says that of the three best movers on tour, De Minaur and Paul are 5% slower on clay, where Alcaraz is only 1 or 2% down
Horse racing: Minnie Hauk holds on for Oaks glory after thrilling Epsom duel – live
5.10pm Debenhams Handicap bettingMiss Information 2/1Partisan Hero 9/2Rhoscolyn 9/2Stanage 8/1Alzahir 12/1Majestic Wave 14/1Darkness 18/1Legal Reform 22/1Marlay Park 25/1Samuel Colt 33/1Persuasion 40/1Golden Mind 40/1Full betting via Oddschecker5.10pm Debenhams HandicapThe getting-out race on the Friday card has not been much of a friend to the punters in recent seasons, with relatively unfancied winners in the last three seasons including Bowman, at 80-1, in 2022, and it is probably not a race to get seriously involved with this time around, either. That said, Rhoscolyn will be a popular pick to win it for a third time, after going in at 9-2 and 9-1 in 2021 and 2024 respectively, while ALZAHIR, at around 10-1,could well step up on his run behind Old Cock in a strong race at York last time.SELECTION: ALZAHIR1 Mirsky (Oisin Murphy) 9-4 Fav 2 Alpha Crucis (Jason Watson) 8-1 3 Julia Augusta (Tom Marquand) 40-1 10 ran Non Runner: 104
Hedge fund orders London-based analysts back to office five days a week
UK house prices fall by more than expected amid economic uncertainty
Sports Direct pricing practices ‘may be breaking the law’, Which? says
Bonuses banned for 10 English water bosses over sewage pollution
Wise goes to the US. Will its founder’s supercharged voting rights follow? | Nils Pratley
British Gas owner strikes £20bn gas deal with Norway’s state energy company