Struggling bootmaker Dr Martens jumps in on second-hand craze
By Eva Mathews
Nov 30 (Reuters) - Struggling British bootmaker Dr Martens is planning to sell pre-owned and refurbished boots in the United States next year to attract shoppers looking to save cash, Chief Executive Kenny Wilson told Reuters.
Dr Martens is trying to create new sales opportunities after issuing its fourth profit warning since last November on Thursday, partly blaming lacklustre U.S. demand. Its stock has lost more than three-quarters of its value since it listed on the London Stock Exchange in 2021.
The maker of the popular 1460 boots with yellow stitching plans to launch a service called 'Rewear' in the first half of 2024 after a successful trial in Britain, its home market, Wilson said in an interview after the company's first-half results.
Wilson did not specify details on how much the pricing would differ compared with the 159 pounds ($201) and upwards for a new pair of its classic lace-up boots. Customers can exchange their old pairs for a gift card.
Dr Martens is also looking to launch boots made of recycled leather in the first half of 2024 as it looks to satisfy younger shoppers more conscious of sustainability issues, Wilson said.
Persistent inflation and high mortgage rates have dented shoppers' ability to spend, pushing up demand for second-hand goods. Manufacturers have responded by offering refurbished or second hand goods, recognising their new products are out of reach for some shoppers.
Clothing and footwear brands including Inditex's Zara and H&M are also seeking a toehold in the resale market to appeal to young shoppers opting for second-hand over new.
Dr Martens, whose boots are worn by celebrities including Kourtney Kardashian, recently launched a shoe repair service in Britain.
"In the first month, we've done somewhere between 500 and 1,000 repairs and the feedback has been fantastic," Wilson said.
($1 = 0.7908 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Matt Scuffham and Emelia Sithole-Matarise)
