Comment by marcus_holmes
Comment by marcus_holmes 10 months ago
I was talking to a friend about this recently.
I bought a pair of Doc Martens boots a while back. And they're shit. I remember them from the 80's and they were really solid, good leather, well made, etc. The modern ones are crappy leather and fell apart after only a few months. But they still cost a decent amount because they're Doc Martens.
My friend pointed out that Doc Martens are primarily worn by teenage girls these days, and are almost "fast fashion". My expectations based on the brand are not matching with reality, because the brand has moved on from being the de rigeur footwear for the entire 80's alternative scene.
From this, I have come up with the "reverse Vimes" theory of boots. That actually the most cash-efficient approach to footwear is to buy cheap K-mart shoes, expecting them to last for a year, instead of buying expensive branded shoes which are actually made just as badly as the cheap ones and still only last a year.
The point being that Doc Martens, like Forbes, are trading in their reputation for quality. In ten years time they will be known as shitty boots that used to be worn by edgy teenage girls, and the brand will be worthless. But the shareholders will have made significant bank from the destruction of that brand. Late-stage capitalism win, I guess.
Sure but that seems to have been predictable from:
- 2003: DM came close to bankruptcy, moved all production from UK to China and Thailand, laid off UK workers
- 10/2013: private equity company Permira acquired R. Griggs Group Limited (owner of DM brand), for £300m. Hired former brand president of Vans as CEO.
- 2019: declining quality reported for previous years
- 1/2021: floated on London Stock Exchange for £3.7 billion.
https://en.wikipedia.org/wiki/Dr._Martens#History