Hirestreet expands with rival acquisition

Online clothing rental service Hirestreet has acquired Manchester-based rival Hire That Look for an undisclosed sum. The ‘tactical’ deal will see the two businesses consolidate their operations under the Hirestreet brand.


The clothing rental market is growing - Courtesy of Hirestreet

Officially launched just over a year ago, Hirestreet is an online platform offering high street occasionwear and holiday looks for hire for 16 to 30-year old consumers.

Based in Newcastle, the company is looking to strengthen its online technical capabilities through the acquisition, and plans to use the merger with its more established competitor to grab a larger share of the market.

“I’ve long admired the way Hire That Look operated, so this is a tactical play to improve Hirestreet’s digital offering. We’re rapidly expanding, and we see the acquisition of Hire That Look as a positive step in achieving our ambitions of being the UK’s number one high street rental service,” commented Hirestreet founder and CEO, Isabella West.
 
“As more and more new players try to enter the market, our aim is to scale quickly, so consolidating the very best of Hirestreet and Hire That Look made perfect business sense.”
 
Alainnah Joyce, co-founder of Hire That Look, added: “Isabella’s understanding of the fashion industry coupled with our online user experience and technical capabilities makes for a potent force in what is becoming a very competitive industry. We look forward to watching Hirestreet go from strength to strength.”


Founder and CEO Isabella West - Courtesy of Hirestreet

THE RISE OF RENTAL FASHION

With Urban Outfitters launching an online rental service called Nuuly this summer and Westfield Stratford opening a streetwear rental pop-up last year, the clothing rental market is thriving. 

Businesses are promoting it as a more sustainable alternative to high street shopping, and consumers are finding that they can wear the season’s hottest trends without parting with large sums of money.

Importantly, the market is emerging as an answer to fashion’s growing waste problem, with an estimated 50 million summer outfits being worn just once before being discarded.

“More and more people are becoming acutely aware that their own lifestyle and spending patterns can have a profound impact on sustainability and the environment. We firmly believe that renting in fashion will become commonplace for most in the very near future,” said 26-year-old Isabella West.
 
“I’m really excited about our growth plans and am thrilled to be able to officially announce this latest acquisition.”
 
Hirestreet has secured around half a million pounds in funding and investment since its launch in May last year.

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