Is Dr. Martens a fashion victim?

Branded is a weekly column devoted to the intersection of marketing, business, design, and culture. Dr. Martens was one of the weirdest success stories of the pandemic: Somehow, at a sweats-and-Crocs moment when stuck-at-home consumers prized comfort above all, the maker of rebel-fashion work boots enjoyed a standout IPO that valued the company at more than $5 billion in 2021. Quite a feat for a brand that first got hot way back in the 1960s—and that had flirted with bankruptcy as...