Department-store chain M&S has joined hands with the UK rental platform Hirestreet to venture into the rental sector ahead of the year-end season.
The launch of M&S clothing rentals follows its recent investment in the Zoe Group, the operator of Hirestreet, through its Founders Factory Joint Venture accelerator program. The first rental edit consists of more than 40 womenswear pieces from its Autograph own-label range and dresses from the M&S x Ghost Collaboration. The collection will be available to rent on Hirestreet from £13 (US$17.40) for four days.
“Clothing rental is a growing market,” said Katie Bickerstaffe, COO of M&S. “As we grow M&S clothing, we want to be more relevant more often and we know customers are increasingly interested in the circular fashion economy.
“Our partnership with Hirestreet means we are putting M&S clothing in front of new customers and our first rental edit doesn’t just showcase the style we have on offer, it also highlights the value and quality of clothing that is made to last.”
The company said the partnership allows M&S to conduct its first ‘test and learn’ trial in the growing clothing rental market. According to GlobalData, the UK clothing rental market value is expected to reach £2.3 billion (US$3 billion) by 2029, a significant increase compared to the estimated £400 million (US$538 million) in 2019.
The trial is part of M&S’s sustainability programme Plan A to become a Scope 3 net-zero business by 2040.
“At Zoa we’re on a mission to transform the future of fashion,” said Isabella West, founder and CEO of Zoa Rental and Hirestreet. “M&S is one of the largest clothing retailers in the UK. Its move into rental is a hugely positive step forwards for the fashion industry”.