Selfridges, the iconic British retailer, is elevating its dedication to sustainability under new ownership. Despite the change in ownership, the company remains fully committed to its sustainability goals and aims to shift nearly half of its customer interactions towards resale, repair, rental, and refill services by the early 2030s. This strategic move is in response to a growing demand in these areas, with secondhand sales and repair services experiencing exponential growth.
In the past year alone, Selfridges witnessed an astounding 240% increase in secondhand sales, amounting to nearly 18,000 items sold. Moreover, the company successfully carried out over 28,000 repairs, with sneakers accounting for more than a third of the repairs. Additionally, Selfridges facilitated over 8,000 refills and rented out over 2,000 items to customers. Capitalizing on the success of its circularity drive, particularly at its flagship Oxford Street store in London, Selfridges aims for its Reselfridges initiative to constitute 45% of future transactions and expand to its Manchester and Birmingham locations.
Andrew Keith, the Managing Director of Selfridges, underscores the significance of a substantial and fundamental shift in the way the company conducts business. The new owners of Selfridges Group, conglomerate Central Group based in Thailand and Austria’s Signa Holding, are enthusiastic about embracing sustainability. This comes in the wake of the recently finalized £4 billion deal for the acquisition of Selfridges Group.
Selfridges has been actively implementing its Project Earth plan over the past few years, which serves as the bedrock for a more sustainable business model in the future. Currently, only a small percentage of customer transactions are based on a circular model, but the company is unwavering in its determination to rectify this and prioritize sustainability. This will involve the rapid expansion of sustainable services to all Selfridges branches, streamlining the online booking process for repairs, and establishing trainer repair workshops in Birmingham and Manchester, following the resounding success of its London workshop. Additionally, a denim repair service will be introduced at the Oxford Street store by the end of the year. The rental initiative will also broaden its categories, and refill options will become more readily available.
Selfridges’ unwavering commitment to sustainability marks a significant stride towards fostering a more responsible and environmentally conscious retail industry. By prioritizing resale, repair, rental, and refill services, the company not only responds to the demands of eco-conscious consumers but also sets a precedent for other retailers to follow suit. With new ownership and ambitious goals, Selfridges is trailblazing a path towards a more sustainable future in the fashion industry.
Useful links:
1. Selfridges Official Website
2. Vogue Business: Selfridges’ Commitment to Sustainable Fashion
