Fashion Rental Platform Hurr Hits a Milestone, Notching 100 Million Pounds
LONDON — Less than a year after crossing a funding threshold of 10 million pounds, the circular clothing platform Hurr has hit a new, long-awaited rental milestone.
The business, which operates peer-to-peer rentals and works with more than 130 brand partners including Net-a-porter, Selfridges, Ganni, Nensi Dojaka and Coperni, has rented 100 million pounds’ worth of fashion since its launch in 2018.
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Hurr, which does not own any merchandise, operates peer-to-peer and brand-to-consumer platforms.
It builds its own technology to facilitate the rental of more than 85,000 luxury fashion items that are currently on the site. It also applies its proprietary technology to its partners’ businesses, powering rental platforms for online and physical retailers and brands.
Cofounder and chief executive officer Victoria Prew said the 100 million pounds rental target was set when the company launched, and achieving it is “proof that fashion rental works. It’s a huge opportunity for the retailers, the brands, and the customers who want that different way of shopping.”
Although the company promotes “access over ownership,” Prew said in an interview she does not want people to stop buying new.
“We want them to buy better, and we see rental as the number-one way of discovering new fashion. You rent something from a brand, and if you love it, you can then purchase it in a more considered way,” she said.
According to Hurr, 80 percent of customers say they are more likely to purchase from a brand if they have rented from it first.
Over the past year, Hurr has also been refining its model with the launch of Hurr Flex, a credit system that allows for longer-term and multiple rentals that last up to 30 days.
Hurr launched the service in May after seeing a surge in consumer demand for more flexible terms. She said it’s clear that clients are broadening their reach and moving beyond occasion wear into everyday clothing.
“According to the early data points we’re seeing, we’re renting everything from the Toteme scarf coat, to the Burberry trench, to the Ganni knit vest. They’re not just the statement pieces that you rent for four days,” she said.
Although Hurr’s core business is rental, the site also allows customers to purchase their favorite pieces, and even re-list them for rental on the site. Last year, Hurr’s top peer-to-peer lender made 100,000 pounds in revenue.