Hirestreet has announced a significant collaboration with Asos, introducing a new subscription rental service.
- Subscribers can rent five items monthly for £75 from a selection of over 20,000 Asos products.
- The initiative marks a major advance for the UK rental market, lagging behind the US in subscription rentals.
- Isabella West highlighted the increasing acceptance of rental services in the UK for special events.
- Casual wear demand on Hirestreet saw a 200% increase in the first quarter of 2024.
Hirestreet and Asos have entered a noteworthy collaboration, offering a subscription service that allows users to rent five clothing items each month for a fee of £75. This service includes access to a wide range of over 20,000 items from Asos, demonstrating a substantial expansion in consumer options.
This new service is pivotal in advancing the UK rental market, which has traditionally lagged behind the United States in adopting subscription-based rental models. Isabella West, CEO of Hirestreet, emphasised that the UK has undergone a phase of rental education over the past six years, which has led to the normalisation of renting as a method of acquiring fashion for special occasions.
West noted that there are hundreds of thousands of active users in the UK who are now comfortable with using rental services as a regular method of accessing fashion. This development suggests an evolving market dynamic where rental is increasingly seen as a viable alternative to purchasing, especially for special event attire.
The collaboration with Asos marks Hirestreet’s second partnership with the brand, following a successful occasion-wear rental service launched the previous year. Hirestreet, which started in 2018 focusing on high street brands, has gradually expanded its offerings beyond designer names.
Significantly, the first quarter of 2024 saw a substantial 200% increase in the total items dispatched via Hirestreet, with 40% of these items being casual wear. This trend indicates a shift in consumer behaviour towards renting casual clothing, not just formal or special occasion wear.
The partnership between Hirestreet and Asos signifies a promising expansion in the UK’s rental market, highlighting an evolving trend towards subscription-based fashion rentals.
