Newcastle-based rental platform Hirestreet has teamed up with fashion etailer Asos for a subscription-based rental service.
The second collaboration between the two will enable Hirestreet subscribers to rent five items a month for £75, choosing from over 20,000 Asos items.
“The launch marks a step forward for the UK rental market, which has lagged behind the US in recent years when it comes to subscription rental,” said Isabella West, CEO of Hirestreet.
West explained that there has been a “rental-education” and the process of renting is now normalised. Initially, rental was often seen as for special occasions only, with Hirestreet responding to the demand for casual items.
“There are hundreds of thousands of active UK renters, who are comfortable with rental as a method of consumption,” she added.
In May 2023, Asos first partnered with Hirestreet to introduce its first-ever rental edit. The collection featured 180 styles from its homegrown brands, which the online retailer claims is “focused on women’s occasionwear dressing”. Brands included Asos Design, Edition and Luxe.
For Hirestreet, they had previously worked with M&S on a rental service. The first collection introduced in 2021, before it was expanded to a capsule wardrobe rental service in 2022.
RetailX research estimated that rental and resale will account for nearly one quarter (23%) of the global fashion market by 2030. John Lewis currently offers both a womenswear and menswear rental with technology firm Hurr. While, H&M recently added a Rabanne collection to its rental offering.
Furthermore, luxury department store Selfridges has pledged that half of its interactions with customers will be based on resale, repair, rental or refills by 2030, responding to sustainable shopping trends.
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