LONDON — Circular clothing platform Hurr has reached a long-awaited new lease milestone, less than a year after crossing the £10m funding threshold.
The business, which provides a peer-to-peer rental service and works with more than 130 brand partners including Net-a-porter, Selfridges, Ganni, Nensi Dojaka and Coperni, has rented £100 million worth of fashion since it was founded in 2018.
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Hurr, which does not have any products, operates peer-to-peer and brand-to-consumer platforms.
It is developing its own technology to facilitate the rental of the more than 85,000 luxury fashion items currently available on the site. It also applies its proprietary technology to its partners’ businesses, strengthening rental platforms for online and brick-and-mortar retailers and brands.
Co-founder and chief executive Victoria Prew said a £100 million rental target was set when the company was founded and achieving that target was “proof that fashion rental works”. “This is a huge opportunity for retailers, brands and customers who want a different way of shopping.”
Although the company promotes “access through ownership,” Prew said in an interview that it doesn’t want people to stop buying new products.
“We want them to buy better and see renting as the number one way to discover new fashion. “You rent something from a brand and if you love it, you can buy it more affordably,” he said.
According to Hurr, 80 percent of customers say they are more likely to buy if they have rented from a brand first.
Last year, Hurr also improved its model with the launch of Hurr Flex, a credit system that allows for longer-term, multiple rentals lasting up to 30 days.
Hurr launched the service in May following a surge in consumer demand for more flexible terms. He said it’s clear that customers are expanding their reach and moving beyond special occasion wear to casual wear.
“Based on the initial data we’ve seen, we’re renting everything from a Toteme throw coat to a Burberry trench coat to a Ganni knit vest. “These are not flashy pieces that you rent for just four days,” he said.
While Hurr’s primary business is rentals, the site also allows customers to purchase their favorite pieces and even relist them for rent on the site. Hurr’s top peer-to-peer lender generated £100,000 in revenue last year.
Products do not last long on site. Hurr’s policy is to list pieces in the resale channel after they’ve been rented about 20 times, and even that channel is growing.
“We are a rental-first business, but we are also building a fully 360-degree, circular offering of which resale is a very, very fast-growing part. I see a lot of convergence between leasing and resale, and we always talk about resale being basically an expanded version of leasing,” Prew said.
Hurr’s backers include Octopus Ventures, Praetura Ventures, Ascension and D4 Ventures. With their support, Prew aims to expand further categories and sectors, with a particular emphasis on outerwear and skiwear, both of which are outperforming in 2023.
Prew said Hurr would announce its first partnership with a luxury brand in the coming months, but declined to say which one.
The business is also extremely sensitive to trends; takes a close look at what people wear to music festivals and other public events. Hurr often creates a relevant arrangement on the site or contacts relevant brands to make deals.
Hurr has reached its latest milestone at a time when rental is top of mind, especially in the UK.
Last month, new Prime Minister Sir Keir Starmer, his wife Victoria Starmer and senior members of the Labor cabinet were revealed to have accepted thousands of pounds of free clothes and other gifts from wealthy party donors.
Although accepting such donations was within the rules, politicians failed to disclose the gifts in a timely and transparent manner. The Prime Minister and his colleagues were criticized and mocked in the UK media, and eventually said they would not accept any more clothing donations.
Media outrage has also led to public speculation about why politicians such as Britain’s former First Lady Carrie Johnson and their spouses do not rent their outfits for public events. Johnson, the wife of former Prime Minister Boris Johnson, rented her wedding dress and a range of outfits for the 2021 G7 summit from My Wardrobe HQ.
Rental is big business, and Hurr isn’t the only one growing.
Rent the Runway, a publicly traded company, pioneered the rental category. Even though it has had to cut back and tweak its strategies in recent years, sales are rising and losses are narrowing.
Later this week, RTR will embark on a college tour of the US Southeast and Texas to bring her fashion to major universities and the style-hungry Gen Z audience.
Fashion rental stores, showrooms and other services are also proliferating in Los Angeles. One of the newest showrooms to open is The Show Must Go On, founded by Hollywood stylist and costume designer Zerina Akers.
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