Asos launches first rental offer with Hirestreet
Fashion e-commerce giant Asos has launched its first rental offering via a partnership with rental marketplace platform Hirestreet.
From today, customers will have access to an edit of over 180 womenswear pieces focused on the occasionwear category, each selected from Asos’ own brands, such as Asos Design, Asos Edition and Asos Luxe.
Among the curation are wedding-guest outfits, bridal looks and bridesmaid dresses, brought together in a bid to cater to shoppers looking for garments for the wedding season.
Speaking on the launch, Isabella West, CEO of Hirestreet, said: “In the UK in 2023, the average cost of attending a friend’s wedding is over 500 pounds.
“That’s why ‘wedding guest’ is our most popular occasion category at this time of the year. We’ve loved working with the team at Asos to curate this collection, and we strongly believe this will be our most popular brand collaboration to date.”
UK rental market to grow 62 percent in 2023
It comes as rental becomes an increasingly popular form of consumption in the UK, with a report by GlobalData estimating the region’s rental apparel market to be worth around 142 million pounds at the end of 2022.
The analytics firm also forecasted that the category could grow by a further 62 percent in 2023, and is predicted to rise 164 percent in the years to 2026.
Since its founding in 2018, Hirestreet has been a leader in bolstering this market, providing what the company says is both a sustainable and affordable alternative to buying an outfit.
The platform already works with over 50 brand partners on rental offerings, and particularly targets occasion shopping with items that would typically be worn once and likely never again.
Through its own edit, Asos products can be hired for four, 10 and 30-day periods, with prices starting at 20 pounds.
The retailer’s corporate transformation director, Jag Weatherley, said: “Our customers love our wedding and occasionwear ranges designed for special events.
“We’re delighted our new partnership with Hirestreet enables even more people to enjoy Asos’ unique fashion-led styles. Clothing rental is a growing market offering exciting commercial potential while supporting our goal to be more circular.”