ASOS and Hirestreet Team to Offer ‘Wear-it-Once’ Rentals

With consumers focused on sustainability, British fashion retailer ASOS has launched a clothing rental program.

The company on Tuesday (May 23) announced a partnership with rental marketplace Hirestreet, arriving in time for this year’s wedding season.

“In the UK in 2023, the average cost of attending a friend’s wedding is over £500,” Hirestreet CEO Isabella West said in a news release.

“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.”

According to the release, the offering features wedding-guest outfits, bridal looks and bridesmaid dresses in a range of sizes, “curated for those special wear-it-once moments” and available for rental periods of four, 10 and 30 days.

“Clothing rental is a growing market offering exciting commercial potential while supporting our goal to be more circular,” said ASOS Corporate Transformation Director Jag Weatherley.

As noted here last month, consumers are looking for brands that are more “circular,” with interest in sustainability driving significant growth in the resale market. At the same time, the rental market has also enjoyed renewed traction.

“As consumers become more interested in eco-friendly and cost-effective ways to enjoy new styles, rental services are emerging as a popular area for fashion spending,” PYMNTS wrote.

In fact, the online clothing rental market — valued at $1.2 billion in 2019 — is projected to reach $2.08 billion by 2025. This growth is being fueled by a younger contingent of consumers — 80% of Gen Z who have shifted toward secondhand purchases.

Against this backdrop, rental services have disrupted the traditional retail model “by offering a more sustainable and cost-effective way for consumers to enjoy new styles without committing to buying them outright,” the report said.

By renting clothing, shoppers can test out new looks and lessen their environmental impact by avoiding the fast fashion cycle of constantly purchasing and discarding clothes.

And as reported here in April, one of the bigger players in this space, Rent the Runway, told investors recently that it has only just begun to demonstrate its market potential. The company said 56% of women it surveyed plan to subscribe to fashion services within the next five years, with the potential market size for rental subscriptions among American women estimated to be around 44 million.

“This not only presents a significant opportunity for Rent the Runway but also for other players to gain more market share,” PYMNTS wrote.

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