Hirestreet and Asos have partnered to introduce a new subscription rental service.
- This service allows users to rent five items monthly from over 20,000 Asos products for £75.
- Isabella West, CEO of Hirestreet, calls this the UK’s most significant retailer-rental collaboration.
- The UK rental market is evolving, with rental now normalized for special events.
- There has been a 200% increase in dispatched items, reflecting growing demand.
The new subscription service by Hirestreet and Asos is set to revolutionize the rental market in the UK, offering subscribers the opportunity to rent five items each month from a wide selection of over 20,000 Asos products for a fee of £75. According to Isabella West, CEO of Hirestreet, this collaboration represents the UK’s most significant retailer-rental partnership to date, marking a major step forward for the industry.
Historically, the UK rental market has lagged behind its US counterpart, but this is changing. Isabella West highlighted that the country has undergone a ‘rental-education phase’ over the past six years, resulting in the normalization of rental as a consumption method for special events. Hundreds of thousands of UK renters are now comfortable with this trend.
Since its inception in 2018, Hirestreet, based in Newcastle, has been at the forefront of the rental movement in the UK, originally focusing on high street brands rather than designer labels. The platform has seen a significant rise in demand for casual items, particularly in the first quarter of 2024, during which the total number of items dispatched to customers increased by 200% year-on-year, with 40% of bookings for casual pieces.
This latest collaboration is not the first between Hirestreet and Asos; they previously teamed up for an occasion-wear rental service, which proved successful. Moreover, Hirestreet’s collaborations with other major brands such as Marks & Spencer demonstrate its versatility and adaptability in expanding rental options to a broader audience.
This partnership between Hirestreet and Asos underscores the growing acceptance of rental fashion in the UK market.
