Dr Martens to Offer Repairs in Sustainability Step

FILE PHOTO: People walk past a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo
FILE PHOTO: People walk past a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo
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Dr Martens to Offer Repairs in Sustainability Step

FILE PHOTO: People walk past a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo
FILE PHOTO: People walk past a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo

Dr Martens plans to launch a shoe repair service in Britain next month as it seeks to polish its sustainability credentials, encourage customers to extend the life of their boots, and create a new revenue stream.
The London-listed maker of leather boots, shoes and sandals is currently testing the service with its employees, CEO Kenny Wilson said in an interview. The British launch is a pilot, with a view to expanding the service to continental Europe, Reuters reported.
Even if the repair service displaces some demand as people opt for repairing their boots over buying a new pair, Wilson said the service would bring benefits overall.
"Could it potentially lose us some business short term? Yes, but we think about it long-term, therefore we think it will breed customer loyalty, and it's the right thing to do," he said.
"I get letters from people every week saying can I get my DMs repaired," he added.
Dr Martens is working with The Boot Repair Company in the northern English city of Leeds to offer repairs.
To replace worn-out soles on a pair of boots - a procedure that requires taking the whole boot apart - customers would pay 81 pounds ($100.50), Wilson said, while other repairs would likely be less expensive. That compares with 169 pounds ($209.68) for a new pair of Dr Martens 1460 boots.
Overall, Wilson said he sees a big opportunity in the second-hand market for Dr Martens, with the potential to grow to a tenth of group revenue. In May last year, the company launched a resale service with second-hand marketplace Depop.
Clothing and footwear brands around the world, including Zara and H&M, are seeking a toehold in the resale market as more sustainability-conscious young shoppers opt for second-hand over new.



Shein Reportedly Files for Hong Kong IPO to Save London Listing

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
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Shein Reportedly Files for Hong Kong IPO to Save London Listing

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo

China-founded fast-fashion retailer Shein has filed for an IPO in Hong Kong to accelerate the listing process and pressure Britain's regulators to approve its planned London debut, the Financial Times reported on Tuesday.

The company privately filed a draft prospectus last week with Hong Kong's exchange and sought a regulatory nod from the China Securities Regulatory Commission, the report said, citing people familiar with the matter.

Reuters could not immediately verify the report. Shein did not immediately respond to a Reuters request for comment.

The company filed for a Hong Kong listing partly to pressure the UK regulator into easing its risk disclosure rules and to keep alive for what could be London's biggest IPO in years, the FT report added.

Reuters first reported in June that Shein was planning to file a draft prospectus confidentially for its Hong Kong listing, citing three sources with knowledge of the matter.

Reuters also reported in May, citing sources, that Shein was working towards a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese regulators.

If UK's Financial Conduct Authority is willing to accept a CSRC-approved prospectus, London would still be Shein’s preferred exchange, the FT report said, adding that chances were still slim, given that the regulators’ requirements were still wide apart.