Newcastle fashion rental service snaps up Manchester competitor
Hirestreet has acquired its Manchester-based rival Hire That Look which will see the two brands consolidate operations under one brand.
Newcastle’s Hirestreet is an online high-street fashion rental service. The acquisition’s sum has not been disclosed.
Hirestreet’s founder and CEO, Isabella West, 26, says the move has come as the brand aims to better its online technical capabilities.
She said: “I’ve long admired the way Hire That Look operated, so this is a tactical play to improve Hirestreet’s digital offering.
“We’re rapidly expanding, and we see the acquisition of Hire That Look as a positive step in achieving our ambitions of being the UK’s number one high street rental service.
“As more and more new players try to enter the market, our aim is to scale quickly, so consolidating the very best of Hirestreet and Hire That Look made perfect business sense.”
Hirestreet launched in 2018, while its North West rival Hire That Look, which it acquired, began in 2016.
According to Hirestreet, around £3bn is being spent on summer wardrobes across the UK, and around 50 million outfits are worn once then thrown away.
Hirestreet mainly targets 16-30-year-old females who want to hire high-street garments for occasions including parties, weddings and holidays.
Alainnah Joyce, co-founder of Hire That Look, added: “Isabella’s understanding of the fashion industry coupled with our online user experience and technical capabilities makes for a potent force in what is becoming a very competitive industry.
“We look forward to watching Hirestreet go from strength to strength.”
Isabella is said to have grown Hirestreet to one of the UK’s largest high-street rental operations, and has secured around £500k in funding and investment since launching in May 2018.
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