Thrift+ owner CTR Group acquires Hirestreet to scale subscription fashion rental

CTR Group has acquired fashion rental platform Hirestreet, bringing the business under the ownership of the UK circular economy and reverse logistics group as it looks to scale its subscription rental model.

The acquisition will give Hirestreet access to CTR’s operational infrastructure, which processes more than 1,500 tonnes of stock each week across 560,000 sq ft of sites in the UK and Europe.

Hirestreet launched its subscription rental service with ASOS in 2024, allowing customers to rent five items a month for £75. The service has since grown to account for more than half of Hirestreet’s revenue, according to the company.

The acquisition will see CTR provide dedicated operational facilities for Hirestreet, including teams handling repairs, cleaning and steaming. The companies said this will allow Hirestreet to manage the rental process end to end as it expands the service nationally.

CTR said the deal also creates a link between rental and resale, with garments rented through Hirestreet able to move into resale through CTR-owned Thrift+ once they leave the rental service.

Mark FitzGerald, CEO of CTR Group, said: “Hirestreet is one of the strongest consumer brands in the circular economy, and it builds directly on what we started with Thrift+.”

“Our strategy is to bring the leading D2C circular businesses together and give retailers a way to recover more value from their stock, first through rental and resale, and only then through traditional channels.”

CTR acquired resale platform Thrift+ in March 2025, with Hirestreet becoming its second major circular-fashion acquisition.

Hirestreet founder Isabella West said the company's subscription model allows customers to “enjoy clothes that make them feel good” without the commitment of ownership.

“To meet that demand properly, we need to scale our operations and customer care alongside it. CTR has given us the tools and infrastructure we need to properly scale,” she said.

The acquisition comes as fashion rental continues to develop beyond one-off occasionwear towards subscription models designed around everyday wardrobes.

When Hirestreet and ASOS launched their subscription service in October 2024, the companies said demand for casualwear was increasing, with items dispatched to customers up 200% year-on-year in Q1 2024 and casual pieces accounting for 40% of bookings.

At the time, Hirestreet founder West said she believed subscription fashion would be “the next big step forward” for the UK rental market.

CTR said subscription rental already accounts for more than 90% of the US rental market, highlighting the growth potential it sees for the model in the UK.

The group employs more than 400 people and works with retail partners including Amazon and Primark, processing surplus stock, returns and end-of-life products through its reverse logistics and circular economy operations.