The Tech Start-Up Leading UK’s Fashion Rental Revolution

HURR is a new platform/technology behind Selfridges Rental

HURR

Let’s talk about how the pandemic has changed consumer’s purchase behavior. The hot topic in 2020 fashionIt seems that Gucci has moved beyond the latest Gucci merchandise to sustainability. Sharing/circular economy is now accepted in real business and considered an acceptable norm.

But if HURR seems like another name, fashionYou are seriously mistaken about the rental platform TheYoung business was founded 3.5 years ago. Victoria Prew, then 24 years old, was the mastermind and co-founder. It is a retail-tech start up that already has industry giants Selfridges as commercial partners.

“I co-founded HURR with the ambition to create the world’s leading fashion rental platform.” Says Prew, who’s also the company’s CEO: “We’ve led the rental revolution at every stage here in the UK and seen tremendous success building out our proprietary peer-to-peer technology, opening the UK’s first fashion rental popup in Selfridges, and powering retail for 75+ exclusive fashion partners. We’ve now proven our product-market fit and have ambitious plans to turn HURR into a ‘fashion rental unicorn’ in the future.”Prew adds “The circular economy is the only future for fashion and HURR is paving the way.”

Victoria Prew is cofounder/CEO for HURR

Courtesy Victoria Prew

Having won a few awards in a short space of time since its inception (including ranking as one of the world’s top 50 retail-tech startups and Forbes 30 Under 30), HURR is now one of the UK’sFastest growing tech start-ups that work with leading companies fashionBrands include Nanushka, Selfridges, BA&SH, and Nanushka The Vampire’s Wife.

Prew explains fashionShe never started HURR: “I’m not the most fashion-y person, I’m wearing yet another floral dress.” The young CEO laughs and says, in a voice deeper and more authoritative than one would expect from someone her age — her confidence and drive emanating through in an endearing and humble manner that’s extremely relatable and likable.

“In the UK alone, customers spend £2.7 billion on outfits they wear just once. The industry is under pressure to do better and HURR provides all of the shortcuts to a curated, sustainable wardrobe. Circular models including rental & resale are growing 10 – 20 times faster than the broader retail market and are expected to account for up to 1/4 of customers’ closets over the next 10 years.”Prew is all about statistics and the billion-dollar opportunity that HURR has tapped into. “We started our rental offering with peer-to-peer and quickly realized what we overlooked — which is even bigger — our capability to power rental for fashion brands via our white-label solution, HURR Enterprise.”

Related  Stella McCartney got pay rise while fashion firm took furlough cash | Stella McCartney

HURR Enterprise permits any party to use the rental technology created by HURR. fashionCompanies looking to rent in-house are encouraged to apply. “rental as a service”The original idea behind HURR was the platform. TheSelfridges is the first to launch the service. Rental as the platform’s first client, who has committed current season womenswear and menswear worth millions to its in-house rental offering.

HURR

HURR

“We have now build an entire eco-system, leveraging HURR’s proprietary technology and operational infrastructure.” Speaking of the business’ current operation and future plans in the pipeline, Prew doesn’t hesitate: “As we build our brand and reputation through the HURR peer-to-peer marketplace, we strengthen our sales pitch to prospective fashion brands and HURR Enterprise clients. Then, as more brands and retailers join the HURR eco-system, we expand our inventory, deepening our data insights, trend forecasting and analytics.”

HURR has done incredibly well, and Prew isn’t shy to voice her goal — to be the world’s most successful circular fashion rental platform, and the next billion-dollar business. So far HURR has announced some convincing statistics***:

As of 1st May 2021, the company saw a 850% YoY increase in registered users, a 200% YoY website traffic growth and a 150% YoY increase in rentals.
HURR is the first platform to offer multi-brand rental-as a service in the UK. It includes fully integrated logistics and fulfillment. 
To maximize revenues and rental traffic, the SaaS platform works with proprietary technology. The stock cross publishes to HURR.  
75+ can rent peer-to–peer with a hybrid model. fashion brands and the option to white-label HURR’s technology, HURR offers a way no matter how brands want to take part in the rental revolution.

Related  A Salute To Fort Wayne Fashion Designer Bill Blass – Indianapolis Monthly

HURR caused a stir in the industry when it announced its most recent collaborations with community-powered marketplaces on August 4, 2021 fashionApp Depop and Launch of “The Loop” — offering consumers worldwide the chance to purchase a collection of popular pre-rented (rented at least 20 times or more) items featuring pieces from Stine Goya, Rixo, BY FAR, and more, with up to 80% off.

HURR

HURR

“At Depop, we want to be able to give people opportunities to dress differently everyday with unique fashion, but a smaller footprint. That’s the future of fashion.”Justine Porterie, Head Sustainability at Depop. “The Loop helps ensure clothes are kept out of landfill and find a second life through resale.”Adds Prew.

These moments are beautiful, but people often forget that it takes work and time to get there. “When we partnered with the world’s leading department store Selfridges, it very much ‘legitimized’ the idea of fashion rental and put HURR on a global stage overnight.” Referring to where she, and the company, is today, Prew says it wasn’t overnight success or even a remotely easy journey. “The biggest challenge I’ve had is learning my value as a young entrepreneur. I was only 25 when I raised our first external funding round and understanding my value has taken time. This past year has also been more testing than ever before — I’ve had to learn how to deal with total uncertainty.”

Even today, Prew’s role as HURR’s CEO spans from high level strategy and investor relations, to day-to-day customer service and sometimes even packing rentals. “We’re a 15-person strong team based from our central London HQ. There is no typical day, every day is unpredictable. It’s taken over three years to lay the groundwork for HURR’s success, but to this day I’ve never truly doubted that we’re onto the next big thing.” Prew does think the one skill that was essential to her success is the ability to sell: “As an entrepreneur, you’re selling everyday. Whether that’s to a potential candidate that you want to work for you, selling the vision to new investors or presenting business strategies internally, the most important skill I’ve learnt is selling the value of HURR.”

Related  Tommy Hilfiger Launches Podcast to Spotlight Black Culture and Fashion – WWD

HURR fashionSelfridges offers rental space

HURR

Prew answers my question about how she balances work and family life. “I don’t really switch off. I wake up in the morning and it’s like, ‘let’s go it’s show time.’” 

She does try to complete an #Offline48 every few weeks — 48 hours over a weekend without a phone or any screens. “I use it as a time to disconnect and reconnect. I’ve burnt out before and learnt that hard way that I make the smartest decisions when I’m well rested and have taken a break.”

Speaking of what’s next for HURR, Prew doesn’t miss a beat: “We’re fundraising right now, next year we’ll expand internationally and we’ll double our team size in the next month. On a personal level, I’m trying to manage the transition from start-up founder to scale-up founder and also achieve some balance — focusing on things that really matter. I’m obsessed with what the future of the sharing economy looks like and how we can be part of it.”

You can now rent clothes via HURR official website at www.hurrcollective.com and buy resale fashionFrom The Loop via Depop app.

***Please note the writer has not independently verified the figures provided by HURR.

Source link

Leave a Reply

Your email address will not be published.