Fashion rental 101 with hurr founder Victoria Prew

What inspired you to start HURR?

I wanted to build a unicorn business by the time I was 35. To get there, I knew I needed to combine a highly scalable tech platform whilst solving a real problem.

What was your aim when starting HURR?

I’ve always been fascinated by the idea of reinventing ownership and the sharing economy – why can’t we access amazing things for shorter periods of time? As a millennial myself I’ve witnessed the monumental rise of sharing platforms such as Uber and Airbnb – as consumers, we rent or cars, we rent our houses, so my “lightbulb” moment came when I considered our wardrobes, why can’t we rent those too?

There is no doubt in my mind that “circular” fashion is the opportunity that digital was 10 years ago, and I’ve made it my purpose to create what will be the global home for circular fashion. We’ve led the rental revolution at every stage here in the UK and seen tremendous success combining our marketplace model with a SaaS platform that powers retail partners such as Selfridges Rental. We’re now one of the UK’s fastest growing tech startups and have been ranked as one of the world’s top 50 retail-tech startups.

Your focus is on event/occasion wear. How did you identify this gap in the market?

Overtime, rental will become the solution for what we call “elevating your everyday”. You’ll be investing in high quality basics that work season-after-season and last year-after year, and looking to HURR for everything else. Think skiwear, the hottest trends, knitwear, denim and everything in between. When you’re changing behaviours in real time, renting for an occasion is the obvious first-step into trailing a new service.

How did brands like Mulberry/Nanushka respond to having their clothes rented out by people?

Our brand partners are incredibly forward thinking with their adoption and trial of new circular business models. Innovation is the only way brands can compete when trying to acquire new customers – particularly with Gen Zs and younger generations. I feel extremely grateful that our HURR Family (ie. HURR brand partners) have been so open and willing to trials, resulting in hugely successful and commercially viable rental platforms.

Why do you think it’s so important that consumers rent as opposed to buying certain items?

We’re building the home for circular fashion and we have a simple mission: buy less and buy better. As a hybrid platform that combines renting, lending and buying – our community is always one-step-ahead when it comes to the savviest ways to shop. Rental is the perfect way to access amazing pieces for a short-term place in your wardrobe.

Which items have you found do best on the rental market? And why do you think this is?

Dresses are our top-top-performing category, followed by handbags and accessories. Right now, for 20-day rentals we’re seeing huge demand for raffia tote bags and statement Loewe sunglasses that are having a moment, these appear to be the accessories of the Summer.

How did your career lead you to starting HURR?

I ran a tech startup as an undergraduate back in my university days that ended up doing very well, so the entrepreneurial seed was planted fairly early on. Given that 90% of startups fail, I trained in commercial Real Estate for 3 years to start a career I could always go back to if needed. I handed in my notice the day after qualifying as a Chartered Surveyor and have really, honestly, never looked back.

What do you wish you knew before starting HURR?

That billion-dollar businesses aren’t built overnight and the most common time frame for high-impact IPOs is 8 to 10 years from founding. It’s a marathon not a sprint.

Was the vision of HURR when you started similar to what you achieved today?

Absolutely – my vision for HURR is still exactly the same today as it was when I launched the company. The business has evolved from a rental fashion platform into a hybrid model powering the future of circular – everything we set out to do will set the tone for the next generation to follow.

Why did you choose to add resale to your rental platform?

I see resale as an extended form of rental. Our key business decisions are set by insights directly from our HURR community. We saw demand from our lender base and worked with them directly to build a “Keep it Forever” proposition that would stand out from anything else in the market

You talk about the shift of ‘ownership to access’. Do you think this is key in the development of rental fashion?

Yes. The sharing economy is estimated to grow from $14 billion in 2014 to $335 billion by 2025. Quicker than ever, we’re shifting to the world of sharing. A push towards more conscious ways of shopping are also driving huge interest in rental fashion.

What has been the biggest milestone so far for HURR?

Our most recent £4M round was closed in November 2021 and was led by Octopus Ventures who were early backers of Depop. HURR have been funding-led since launch and all investment has been used for tech development and growth, so we can build out the best hybrid rental model in the business.

What was your proudest moment since launching HURR so far?

Holly Willoughby, Ellie Goulding, Stacey Dooley, Elizabeth Day and Laura Jackson (to name a few of our consistent supporters) make me so proud as CEO! Maya Jama also recently wore rented Matteau and she looked incredible, our community loved it.

What is next for HURR?

We’re building up to a big announcement ahead of London Fashion Week, with some up-and-coming designers joining the HURR Family.

What was one fact about fast fashion vs renting that shocked you the most?

One in three young women consider clothes to be ‘old’ after just one or two wears.

How do you think rental platforms might develop in the future?

As rental takes the mainstream, we’ll witness a number of new vertices popping up – expect a strong maternity wear offering and menswear rental to become the norm.

Tells us about your venture into investing in start ups

Having raised Venture Capital investment, I’ve learnt the importance of value-add investors and want to support founders with similar drive and ambition. The founder network is invaluable throughout the inevitable highs and lows of entrepreneurship!