-By Ankita Dutta.
Asos has announced its first rental offering via a collaboration with online marketplace platform Hire street. As of now, clients will have access to an edit of over 180 women’s clothing items focused on Asos’ own brands, such as Asos Design, Asos Edition and Asos Luxe, each targeted at the occasion wear category. The curation includes wedding guest outfits, bridal appearances and bridesmaid dresses, selected to cater to clients in search of apparel for the wedding season. Hire street has been at the forefront of supporting the rental market in the UK since it was founded in 2018, providing a sustainable and affordable alternative to purchasing an outfit. The platform partners with over 50 brands, providing rental alternatives for occasion shopping with items that are generally worn once and may seldom be used again.
Rental wear is rapidly gaining popularity in the UK, with estimates by Global Data revealing that the UK rental apparel market will be worth roughly £142m by the end of 2022. The analytics company also forecasted that rental apparel could grow by a further 62% in 2023 and is anticipated to rise 164% over the years to 2026. The partnership with Hire street will allow Asos to target a different segment of shoppers, thus expanding its market potential.
Customers may hire Asos products for four, 10, or 30-day periods, with rates starting at £20.
Jag Weatherley, Asos’ corporate transformation director, stated that clothing rental is a growing market that offers exciting commercial potential while supporting Asos’ goal of being more circular. The move aligns with the company’s various sustainable initiatives, which includes the Asos Circular Fashion Programme, launched in February 2021. The programme aids the company in achieving its objectives of creating a circular economy and lowering its environmental footprint.
The two companies plan to promote rental offerings as a more sustainable, cost-effective, and perhaps even more fun, alternative to purchasing apparel, which could contribute to slowing down fast fashion. Shoppers are increasingly aware of the environmental impact of fast fashion, leading to a demand for more environmentally friendly alternatives. The Hirestreet-Asos collaboration will provide consumers with a way to take pride in their appearance while contributing to greater environmental sustainability.