Interview: Moses Rashid, CEO of high-end sneaker platform The Edit LDN
Here we interview Moses Rashid, founder and chief executive of fast-growing sneaker and streetwear platform The Edit LDN, ahead of his speaking slot at The Retail Conference next week on 8 November.
What were you doing prior to The EDIT?
I’ve previously built and run a few businesses, one of which was a media and advertising company that works with brands such as ESPN, Channel 4 and ITV.
I’m a huge sneakerhead, so had anybody asked me (prior to building The Edit LDN) what my dream job would be, I would have said fashion director for a glossy magazine like GQ or HYPEBEAST. The Edit LDN is essentially me creating that role for myself.
What led you to establish the business?
I regularly found myself at sneaker festivals purchasing shoes for about £600 to £700. On one occasion, I asked a simple question before buying: do you have a bag for me? The gentleman said no. It blew my mind that I was paying a premium price and not getting the same level of service, so I left the shop shoeless that day. I thought about how I like to purchase products and, when investigating the market, I couldn’t see any platform (physical or online) that catered to my needs, so I decided to build The Edit LDN.
We’ve had a phenomenal three years. We’ve grown by up to 500% to 600% year-on-year, expanded our global footprint, and in the next year we’ll be working on opening in international territories such as UAE, the US and central Europe. We’ll also be focusing on our culture and community, so these are exciting times for the business.
The company has grown to a multi-million-pound company in just two and a half years, and we hear it’s on track to deliver well over a £100 million valuation in 2026. How will that be achieved?
Our valuation figure is now likely to be closer to £150 million and we’ll grow in two ways. It’s about offering real value to the customer, which means being faster, more efficient, smoother, and providing an absolute premium customer experience. We’ll also be curating the coolest product list and combining that with early access before our competitors.
Working with premium global partners, we’ll continue to elevate the culture and community of the brand to ensure that our customers are engaged, come back time and time again, and feel part of a movement.
What’s been your main challenges?
I launched the business in January 2020 so there’ve been plenty of challenges for me personally. These have included learning about retail, ecommerce and what that means, as well as being impacted by factors such as Covid, Brexit and the ongoing changes within the economy. Although we’ve navigated quite a few, our biggest challenge is how quickly we’re growing. Whilst we’re being presented with some amazing opportunities, I need to ensure that we cut through the noise and become hyper-focused on delivering the vision and mission of the business.
Can you tell us more about your plans to expand internationally?
When I launched the company, the very first thing I needed to do was to get the team thinking like a global business. Thankfully 50% of traffic to our website is international and about half of that goes straight out in the US, so we’ve been looking at ways to really engage customers overseas.
On 11 November, we’ll open our first concession store through Galeries Lafayette in Doha in Qatar, and we also have a second store planned for Riyadh in Saudi Arabia with another premium retail partner. This will be supported by lots of influencer activity.
The US is one of our main target markets, so we’ve signed New York Giants captain Xavier McKinney as our very first brand ambassador. I guess this sets a precedent for how we want to move forward.
We’re also having conversations with several high-end hotel groups and have plans for a global flagship store in Las Vegas at the end of next year. In the meantime, we’ll be in discussions with several professional athletes and celebrities, some of whom are clients and others who will be friends of the brand. We’re also talking to major sports teams and franchises to align ourselves with the right US partners before we launch our Edit LDN American HQ in either New York or Los Angeles.
In August, you announced that The Edit was entering the metaverse. How’s that going?
The metaverse is an interesting place. Some people think it’s a PR stunt while others think it presents a great commercial opportunity. We’ve been exploring every nook and cranny of what Web3 really means, so the first part of the plan is to launch in the Blocktopia metaverse in Q1 next year. In its simplest form, you’ll be going to a virtual store to purchase your sneakers. We’ll then send you a physical product and give you an Edit LDN sneaker for your avatar.
We’re moving forward with regard to NFTs but are also working out at how we can drive further value for the customer. This might be through loyalty points, exclusive invites to events and even access to pre-release products at cheaper prices. Furthermore, we’re looking at how we can use things like blockchain technology within our authentication process.
How do you keep your customers so engaged?
Engagement is the fun stuff. How do we create moments for our community that make them feel like they’re part of a movement or “the club”?
A great example of this can be found in our retail concession at Harrods. Erling Haaland, the footballer who plays for Manchester City, owns the only three golden boots, one of which he’s allowed us to display in a trophy case in the store. This gives our customers the opportunity to see the boot in person, take a selfie and tag The Edit LDN to get a chance to win two VIP tickets to a Manchester City game and a signed Erling Haaland shirt.
In addition, we’ll continue to hold some very cool invite-only, intimate events where we might invite press or private clients and friends as we look to bring them on our journey. Through our social channels, we’ll continue to show customers what it’s like behind the scenes with the team here at The Edit LDN so they feel like they’re part of the family and our journey.
How are you addressing sustainability challenges in the fashion industry?
As we continue to evolve our proposition, sustainability is front and centre of what we do. We’re the first global platform to donate sustainably with every single sale that goes through our platform. We’ve partnered with Handprint Technology, so with all sales we commit to taking 1KG of plastic out of the oceans. You can track our progress in real-time on Handprint’s website here. Furthermore, all our packaging is made from 100% recycled material and can be reused for different purposes.
What are your main ambitions for the company?
To be the most disruptive and innovative sneaker, streetwear, and collectables platform globally. This is key to the business and our mission statement. It’s a huge ambition that’s being driven by a collection of people working towards the same goal and I guess the legacy is that we’ll be the business that changes the sneaker game.
What are your top tips for developing a successful online marketplace?
There are a few things to be aware of, but I guess you need to have a really strong brand identity. Furthermore, you can’t be afraid to take risks as the reality is that your ideas won’t always work. Most importantly, you have to ensure that you have the best leadership team in place with the right expertise to really drive the company’s vision and mission. I’m actually the only person in our business that doesn’t come from a retail background, so hopefully that gives you a bit of confidence in what can be achieved if you find the right people to deliver on your goals.
Don’t miss the last few tickets for The Retail Conference that also include an invite to our 20th anniversary party at the end of the day. Find out further information and book here
