Hirestreet has secured investment from Marks and Spencer’s Founders Factory, which invests in start-ups and emerging businesses, particularly in the technology sector. As a consequence, Marks and Spencer will use Hirestreet’s Zoa technology to trial the rental of clothing to customers who want to both spend less and reduce waste.
Hirestreet was formed in Newcastle by Isabella West nearly four years ago to help combat the curse of fast fashion which is responsible for fickle ‘on a whim’ buying leading to wastefulness and landfill.
West said: “At Zoa we’re on a mission to transform the future of fashion. M&S is one of the largest clothing retailers in the UK with a reputation for quality and well-made clothes – their move into rental is a hugely positive step forwards for the fashion industry. True sustainability does not exist without accessibility. Rental fashion is more than just providing temporary access to designer items, it’s about giving consumers alternatives to traditional consumption and making the best use of the resources we have. I’m delighted to have M&S and Founders Factory on board as we power the sharing economy of the future.”
“What we’ve seen is the power of FOMO (fear of missing out). In the time since this has been announced, the amount of inbound inquiries we’ve had from retailers wanting to do business has been huge. It’s taken someone like M&S, who like to disrupt and innovate, to take the lead. Everyone wants to follow them now.”
Hirestreet’s customers book outfits in advance and hire them for four to 16 days before they are returned via Royal Mail to Hirestreet’s warehouse in Glasgow.
The company also works with French Connection and Whistles and has created 20 jobs. The partnership with Marks and Spencer commences with an offer of 40 items from its Autograph range and includes dresses from M&S’ collaboration with Ghost.
M&S chief operating officer Katie Bickerstaffe said: “Clothing rental is a growing market and working with Hirestreet through our Founders Factory joint venture gives us a huge opportunity to learn from the leading start-up in this space, operate in an agile way and better understand what our customers want from rental services.
“As we grow M&S clothing, we want to be more relevant more often and we know customers are increasingly interested in the circular fashion economy. Our partnership with Hirestreet means we are putting M&S clothing in front of new customers and our first rental edit doesn’t just showcase the style we have on offer, it also highlights the value and quality of clothing that is made to last.”
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