May 28, 2019 @ 11:40 by Steven Hugill
A commercial law firm has advised an online fashion rental business on its first fundraising, securing a six-figure investment to achieve its ambitious expansion plans.
Square One Law, based in Newcastle, has secured syndicated funding – primarily from London-based retail experts – to support Hirestreet’s growth, which will include investment in its digital operations, stock and staff recruitment.
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 customers.
Launched in 2018, Hirestreet allows customers, typically 16-to-30-year-olds, to hire out high street outfits for parties and occasions at affordable prices.
Also, by hiring clothing to multiple customers, Hirestreet says it 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.
Isabella West, founder of Hirestreet, said “Customers have been really receptive to us 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.
“The service provided by Square One Law has been second-to-none.
“They are very approachable and provided commercial opinions, which were always focused around the best interests of Hirestreet.”
John Hammill, partner in the corporate team, added: “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.”