Clothing rentals are not new. From the US-based Rent the Runway and Style Lend to UK-based Higher Studio, the rental business model for fashion has been gaining favor (and serious funding) in recent years. The State of Fashion Report 2019 by Business of Fashion and McKinsey puts forth the fashion rental business model as one set to grab increasing market share as follows:
“the lifespan of the fashion product is becoming more elastic as pre-owned, refurbished, repair and rental business models continue to evolve. Fashion players will increasingly tap into this market to gain access to new consumers seeking both affordability and a move away from the permanent ownership of clothing.”
With a unique offer in this space is newcomer HURR Collective, founded by ex-Chartered Surveyor Victoria Prew who spotted an opportunity for a peer-to-peer rental platform a year ago, along with her co-founder Matthew Geleta. The result is a platform akin to Airbnb, but for fashion. HURR Collective owns no inventory and simply facilitates the rental transaction between peers, taking a commission on both sides of the transaction. HURR has partnered with award-winning eco-friendly dry cleaners Blanc, and 'green' bicycle courier service Pedals, to deliver packages across central London.
What’s significant about this platform is the inclusion of mid-level fashion brands (with items that usually retail for £150 or higher) that encompass timely trends, ‘have to have now’ looks and emerging designers. Most other rental platforms favor the luxury end of the market. The platform is firmly positioned to reduce the propensity for fast fashion consumption, offering users a sustainable alternative. Leveraging the appeal of a sharing economy, Prew stated that HURR Collective seeks to “extend the life-cycle of goods, making the most of the clothing already in existence rather than buying something new”. When quizzed about the care of the clothes rented through the platform, Prew highlights the vetting and review process that is heavily relied on by most peer-to-peer sites and admits that they will be working very hard to ensure the community looks after the goods being rented. Insurance is part of the pricing structure should damage to goods occur.
HURR CollectiveHURR Collective
Prew goes on to describe the platform as offering a dynamic marketplace for savvy fashion-lovers who want to monetize their wardrobes and cut-down on consumption. The platform allows users to sign up (there is no subscription or fee) and once vetted, book rentals up to six months in advance and create mood boards for outfits - even for special occasions, like weddings. A ‘live search’ functionality is currently being built in that allows users to ask the HURR Collective community if they hold items they have their eye on and are wanting to rent, potentially offering users access to items that are hard to get or out-of-stock at retailers. In this way, savvy fashionistas can buy investment pieces with the aim of renting them out to gain extra income. Spokespeople for HURR include sustainability advocate Venetia Falconer, who has promoted her rental selections on Instagram, garnering hundreds of comments of support for the rental clothing business model.
Venetia Falconer wears rented Ganni dress from HURR CollectiveVenetia Falconer
An obvious extension of this platform would be a styling tool to help users put together outfits from a myriad of clothing and accessories available to rent. To this end, a collaboration with AI styling app Intelistyle is in planning, and alongside this, a partnership with Who What Wear to launch the platform to a diverse and engaged audience of fashion fans.
Picking up on the diversity of the platform, it is worth mentioning that HURR Collective has taken a proactive stance on inviting ‘plus size’ models to join the site. Prew admits that the supply side is “difficult to get right across style and size” and she is currently in discussion with a number of key public figures who may act as ambassadors for the site for diversity across age, culture, and size. One such person is lifestyle blogger @venswifestyle who, aged ‘50+’ shares style tips for the ‘over ’40s’ and is a user of HURR Collective.
Venswifestyle with rented Bottega Venetta bag at London Fashion WeekVenswifestyle
With sustainability an ever-increasing concern for consumers, Prew explained that HURR members “are part of a collective of forward-thinking women that believe renting makes both economic and environmental sense.” And the millennial metrics in The State of Fashion 2019 report support this idea. “Simply put, young people today crave newness, and these cohorts are much more likely to embrace churn in their wardrobes. At the same time, younger generations are more interested in sustainable clothing than older consumers. Rental, resale and refurbishment models lengthen the product lifecycle while offering the newness consumers desire.”
London Fashion Week saw the high profile rental of garments and accessories by a range of Influencers and Fashion Editors. Clare Press, Sustainability Editor of Vogue, openly praising the styling opportunities afforded to her by her Higher Studio subscription. She also pointed out the benefit of not having to lug winter coats to London from sunny Australia, where she is based. Not so much a home away from home as a wardrobe away from home-HURR might just be the 'Airbnb of fashion'.
https://www.forbes.com/sites/brookerobertsislam/2019/03/08/this-startup-wants-to-be-the-airbnb-of-fashion/
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