Hirestreet set to announce another eight brand link-ups
Hirestreet said this week that it will announce eight more brand link-ups over the next two months. The rental platform has announced partnerships with M&S, Oasis, Nobody’s Child, Lipsy and Decathlon in recent months and said it will launch a brand new rental collaboration every week ahead of peak-Summer 2022.
The company has a unique business model that sees brand partners take on joint marketing responsibility for their rental collections in exchange for a revenue share.
The platform is four years old this month and currently says it has 1.8 million users. A recent survey it conducted found that customers are motivated to try renting because it’s more sustainable (41%), and more affordable (26%).
The survey also showed demand for rental being driven by events such as weddings, hen-dos and holidays, all of which are on consumer priority lists this year, despite overall reined-in spending.
With an estimated 550,000 upcoming weddings (after many events being cancelled in 2020 and 2021) and a forecast boom in overseas travel for Summer 2022, it added the “big brands are keen to capitalise on the rising popularity of the rental market”.
The company said another benefit for big brands is that when a dress gets hired 20 times (instead of being sold then worn once), its carbon footprint reduces by 87%, even taking into account additional cleaning and delivery emissions.
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