Sales have increased tenfold since then, and from a permanent state of near-bankruptcy, Dr Martens has become a real cash machine with a free cash flow of around £150 million per year and margins twice as high as those of Levi's or Nike.

In early 2021, on the strength of this success, Permira listed Dr Martens on the stock exchange with the ambition of achieving a valuation in the £3-£4 billion range, i.e. a multiple of x3-x4 turnover and x20-x25 times cash profits.

Things didn't quite work out as planned - in particular following some operational failures in the US - and at a price of £156p the current valuation is hovering around £1.6bn, or roughly x10 last year's free cash flow.

However, the group published on Friday annual results forecasts in line with the previous year: sales are up 4% on a constant basis, and operating profit before depreciation and amortization (EBITDA) is expected to be around £245 million, admittedly a little lower than that achieved in fiscal year 2022, but this is also a consequence of new store openings.

Is the market punishing a slowdown in growth after a meteoric 2013-2023 decade? By extension a fading fashion effect for a brand hyper-dependent on one or two blockbusters? Or the gradual exit of Permira, which has already halved its stake since the IPO, from 75% to 36%, and hinted that its share sales should continue?

Perhaps a bit of all of this, despite the promises of CEO Kenny Wilson - a former Levi's man - who sees the US market as an untapped El Dorado.