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North East commercial law firm, Square One Law has advised online fashion rental business, Hirestreet on its first fundraising, securing a six-figure investment to achieve its ambitious expansion plans.
The Newcastle-based business has secured syndicated funding, primarily from London-based retail experts, to support its expansion, which will include investment in its digital operations, stock and staff recruitment.
Launched in 2018, Hirestreet allows its customers, typically 16-to-30-year-olds, to hire out high street outfits for all parties and occasions at affordable prices.
It allows its fashion-savvy customers to reserve the looks they want for events such as weddings, balls and holidays. Customers wear a dress they love and then return it to allow others to enjoy the clothes in the future.
By hiring clothing to multiple customers, Hirestreet provides a more environmentally friendly alternative to the ‘fast fashion’ culture in which inexpensive clothing is produced rapidly by mass-market retailers and worn and disposed of quickly by customers.
The syndicate investment supports Hirestreet’s plans to take the business to the next level, developing its offering by listening to and learning from its customers.
The funding will encourage growth of Hirestreet’s workforce, its team of ambassadors and social influencers and the implementation of a long-term membership subscription programme for its customers.
Isabella West, founder of Hirestreet, said “The support we have received to date has been exceptional. Customers have been really receptive to Hirestreet, and this fundraising will enable us to expand our presence and bring fashion hire to a wider audience.
“There is a continuing demand, particularly from price-conscious consumers for what we offer and the engagement of our customers through sales and social media, demonstrates there is scope for growth. From personal experience I know the impact a new outfit can have on your self-confidence and we offer an environmentally-friendly and cheaper alternative to buying outfits and only wearing them once.”
Isabella added: “The service provided by John and the team at Square One Law has been second to none. They are very approachable and provided commercial opinions which were always focussed around the best interests of Hirestreet.”
John Hammill, partner in the corporate team said “It has been great supporting Isabella on delivering this investment which in turn, will help Hirestreet to grow and expand. We look forward to seeing how this innovative business develops in the future.”