M&S said the new partnership between energy industry disruptor Octopus and the department store chain is designed to create a “more progressive, digital and commercial M&S Energy that will deliver growth to the M&S brand at a time of critical transformation”.
The new partnership with Which?’s only recommended energy supplier is part of M&S’ five-year transformation plan and will replace the contract previously held by SSE, its previous partner of nine years.
M&S also said the collaboration will see M&S Energy launch a customer proposition to “challenge the ‘Big 6’ and disrupt the traditional energy market”, starting with a rebuttal of what it calls “traditional but punitive ‘tease and squeeze’ pricing policies”.
The current ‘Big 6’ energy providers are M&S’ former partner SSE, British Gas, EDF, Npower, E.On and ScottishPower.
Jonathan Hazeldine, head of M&S Energy, said: “As we continue to transform M&S we have chosen Octopus as a new strategic partner for M&S Energy. Octopus’ values of responsible and transparent pricing and digital-first customer service mirror our ambitions for the business.
“Together, we can challenge the traditional energy market and bring green energy to millions of households at a competitive and fair price. We believe they are the best partner to help transform and grow M&S Energy into a digital, progressive and commercially competitive arm of M&S.”
Greg Jackson, CEO Octopus Energy, added said: “I’m thrilled. M&S’s choice of Octopus for this vital service is a great vote of confidence in our vision for energy. Fair pricing without annual switching, renewable electricity and incredible customer service. M&S will be using the digital technology we’ve built, enabling dramatically better customer experience online, and helping drive the M&S digitisation strategy.”