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John Kamikaze, a former circus performer, will also "swim" through a tank of broken glass. His other routines include eating light bulbs and putting his head in a metal tank before exploding a firework inside.
Shoppers and tourists in Oxford Street will be able to sample his work through peepholes in the store front. One of his tricks is to swallow a 3,000-watt neon tube that is then switched on to turn him into a human light.
The Scots-born Kamikaze — now his real name after he changed it by deed poll — will also do a full show for a paying audience in the store's lower ground floor. Tickets for next month's performance are to be sold on the store's website.
Selfridges' £1m "BodyCraze" promotion is designed to explore people's fascination with their bodies and capitalise on growing enthusiasm for body-piercing and tattoos.
Kamikaze, 39, who lives in a disused abattoir in Marseilles, is thought to be receiving about £5,000 for his performance. He will try to break a dubious world record for hanging from steel hooks, four skewering his back and two in his legs. The record stands at seven hours.
BodyCraze will also feature another mass strip organised by Spencer Tunick, the American artist who staged last week's photo-shoot of 200 naked members of the public for the opening of the Saatchi gallery in London. This time Tunick is expected to photograph 500 nude shoppers gliding up and down the store's escalators.
James Bidwell, Selfridges' marketing chief, said the Kamikaze performance was extreme: "There is a thin line between shocking people and upsetting them. This has got integrity."
Kamikaze has teflon implants in his back that help his body take the pressure. "He bleeds a little but not much because his body has become conditioned to it," said Patsy Lima, his spokeswoman.
A Westminster council licensing officer said: "As long as he isn't dancing, naked or serving drinks, he can hang there as long as he likes."
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