Hirestreet urges retailers to consider rental platforms
With mountains of surplus SS20 stock building, West is calling upon retailers to consider partnering with fashion rental platforms. Listing this stock for hire could save retailers from having to resort to extreme discounting and product destruction, both of which were a consequence of the 2008 recession.
The discount culture that has gripped the fashion industry in the intervening 10 years, was the original catalyst for fast-fashion in the UK.
With the global pandemic looking to cost the fashion industry an estimated £18billion between March–June 2020, West is campaigning for urgent discussion within the industry about this impending situation and believes that rental can form part of the solution.
Working with a rental platform can not only provide a stock solution for retailers, whilst also offering a sustainable channel to reach a new generation of customers.
In other industries the ‘sharing economy’ has become the norm – businesses like Airbnb and Spotify demonstrate this.
Millennials and Generation Z are less interested in the concept of ‘ownership’ and instead valuing experiences over possessions and it feels as though this sentiment is going to be stronger than ever following COVID-19 lockdown.
Isabella West, CEO & Founder of Hirestreet, said: "As a business, we are founded on the concept that ‘confidence shouldn’t cost the earth’ – a sustainable and financially friendly alternative to the outdated disposable fashion cycle of ‘buy, wear, replace’. We know that rental will continue to grow in the UK and we urge brands to consider working alongside us on that journey.”
Isabella West founded fashion rental platform Hirestreet in 2018. Committed to the democratisation of fashion rental, Hirestreet requires no applications or subscriptions, ensuring premium, high end and global designers are accessible to all.