A Newcastle company is to help Marks and Spencer launch its first clothing rental service after receiving investment from the retail giant.
Hirestreet, which is run by former Young Business Person of the Year Isabella West, has secured investment from Marks and Spencer鈥檚 Founders Factory, which invests in start ups and emerging businesses, particularly in the technology sector.
In what Hirestreet founder and CEO Isabella West describes as a 鈥渕assive鈥 deal for her company and the clothing rental sector, M&S will use Hirestreet鈥檚 Zoa technology to trial the rental of clothing for customers who want to both spend less on clothing and reduce waste.
Read more : go here for more North East business news
Hirestreet was formed in Newcastle nearly four years ago and set itself against the 鈥榝ast fashion鈥 trend which sees customers buy clothes and hardly wear them before moving on to new items.
Ms West said: 鈥淎t Zoa we鈥檙e on a mission to transform the future of fashion. M&S is one of the largest clothing retailers in the 海角视频 with a reputation for quality and well-made clothes - their move into rental is a hugely positive step forwards for the fashion industry.
鈥淭rue sustainability does not exist without accessibility. Rental fashion is more than just providing temporary access to designer items, it鈥檚 about giving consumers alternatives to traditional consumption and making the best use of the resources we have. I鈥檓 delighted to have M&S and Founders Factory on board as we power the sharing economy of the future.鈥
She added: 鈥淭his is massive for us but it鈥檚 also massive for the rental industry.
鈥淲hat we鈥檝e seen is the power of FOMO (fear of missing out). In the time since this has been announced, the amount of inbound inquiries we鈥檝e had from retailers wanting to do business has been huge.
鈥淚t鈥檚 taken someone like M&S, who like to disrupt and innovative, to take the lead. Everyone wants to follow them now.鈥
Hirestreet鈥檚 customers book outfits in advance and hire them for four to 16 days before they are returned via Royal Mail to Hirestreet鈥檚 warehouse in Glasgow.
The company - which recently moved to the Haylofts business space in Newcastle city centre - already works with the likes of French Connection and Whistles and employs more than 20 people across the 海角视频.
The partnership with Marks and Spencer has launched ahead of the Christmas party season and will offer 40 womenswear pieces from its Autograph range, as well as dresses from its popular M&S X Ghost collaboration.
Items that would sell from Marks and Spencer at prices ranging between 拢69 and 拢299 will be available to rent on Hirestreet from just 拢13 for four days.
M&S chief operating officer Katie Bickerstaffe said: 鈥淐lothing rental is a growing market and working with Hirestreet through our Founders Factory joint venture gives us a huge opportunity to learn from the leading start-up in this space, operate in an agile way and better understand what our customers want from rental services.
鈥淎s 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鈥檛 just showcase the style we have on offer, it also highlights the value and quality of clothing that is made to last.鈥
The partnership comes amid growing awarness over the sustainability in the fashion industry, which was raised as a key concern in The M&S Family Matters Index Report.
You can join the BusinessLive North East conversation on and
