By Joe Hoppe
Dr. Martens said Friday that it will buy back up to 50 million pounds ($65.7 million) of shares in order to reduce its share capital.
The British footwear and clothing brand said it has agreed Morgan Stanley & Co. International will conduct the program on its behalf, starting immediately and ending when around GBP50 million of shares have been repurchased.
Shares repurchased are expected to be cancelled. The company has the authority, granted by shareholders at its annual meeting on Thursday, to repurchase up to 100.1 million shares.
Shares at 0711 GMT were up 3.65%, or 4.6 pence, at 130.6 pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
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