M&S enters clothing rental market with Hirestreet link-up
M&S has become the latest big name to enter the fashion rental market via a deal with major rental website Hirestreet. The for-hire offer includes its new M&S x Ghost collaboration dresses.
Hirestreet is operated by the Zoa Group in which M&S has invested through its Founders Factory Joint Venture accelerator programme.
Launching ahead of the busy Christmas party season, the first rental edit is made up of over 40 womenswear pieces from its Autograph range, with a focus on premium fabrics such as leather and silk.
The collection items have a selling price of between £69 and £299 and M&S hire prices will start at £13 for four days.
The retailer’s COO Katie Bickerstaffe said that with the rental market being a growing one, working with Hirestreet “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”.
The deal also means the retailer is “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”.
The company also cited customer interest in sustainability and its own eco-focused strategy.
Isabella West, Founder and CEO, Zoa Rental and Hirestreet said: “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.”
The firm’s link-up with Hirestreet is interesting given its investment in the business and is a strategy increasingly being seen these days. Retail giants (H&M being a prime example) are frequently investing in the smaller, innovative operations that can help to transform their businesses.
And they’re often using specially set up units to make those investments. First launched in 2018, the M&S & Founders Factory Joint Venture is designed to “identify and accelerate emerging businesses and provide M&S with valuable insight into industry change and trends”.
The company said that “with the clothing rental market set to grow exponentially in the next decade, the new partnership allows M&S to conduct its first ‘test and learn’ trial in this important growth market”.
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