Hirestreet acquires online fashion rental service rival

Newcastle-based Hirestreet has acquired Manchester-based online fashion rental service rival Hire That Look for an undisclosed sum.

The two brands will consolidate operations under the Hirestreet brand, and the move is expected to help strengthen Hirestreet’s technological capabilities.

It comes at a time when larger fashion retail businesses, including Farfetch and H&M, are trialling or looking into the potential of offering rental services, respectively. Rent the Runway in the US, which was built on this model, continues to grow as consumers start to consider the environmental impact of their fashion purchases as well as seek access to previously unaffordable designer looks.

Commenting on today’s acquisition, Hirestreet founder and CEO, Isabella West, said: “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.”

She added: “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.”

Hirestreet launched in 2018 and has grown rapidly through previous acquisitions, and thanks to an increase in demand from customers looking for one-off items to wear to parties, weddings, holidays and other special occasions.

The online business’s main target market is 16-30-year-old females, and it believes its model is a more sustainable one to the fast fashion culture which prevails in the western world.

Alainnah Joyce, co-founder of Hire That Look, commented: “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.”

Hirestreet has secured around £0.5 million in funding and investment since it launched in May last year.

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