Retailers like Marks & Spencer (M&S) are currently grappling with how to acquire or retain customers in the sharpest cost-of-living surge in generations – and the new M&S rental range has been released and priced with the challenging economy in mind.
Launching ‘M&S Capsules’ via its rental partnership with Hirestreet, the retailer is allowing consumers to hire up to seven items from £39 – which works out at less than £7 per item. M&S said the capsules can style up to ten separate outfits.
M&S rental began with a trial run alongside Hirestreet in 2021, and evolved into a ‘summer bundles’ offering earlier this year. Now five, six, or seven-piece collections are available to rent from five-30 days from £39, with consumers able to select items from a 78-piece seasonal collection.
It comes after the latest M&S Family Matters Index, which gauges consumers’ shopping preferences and intent, found that one in six people are keen to try rental for everyday outfits. Indeed, according to the research, one in three M&S customers are looking to make changes to the clothes they buy due to climate change.
One in 20 consumers have used rental services as part of this shift, with that figure increasing to one in ten among under-35s, the retailer said.
Richard Price, managing director of clothing & home at M&S, said: “This season, we have introduced new everyday product categories whilst continuing to offer a selection of seasonal staples from partywear to knitwear.
“With value front of mind, we’ve worked closely with the team at Hirestreet to create the M&S Capsules.”
He added that with this latest range launch, “it’s not just about what we offer, but how”, explaining the M&S rental collection is one way the retailer is looking to help consumers reduce their carbon footprint.
Isabella West, founder & CEO of Hirestreet, commented: “’M&S x Hirestreet Capsules’ are a global first for the rental market – they offer customers the ability to access multiple stylist-curated looks in a sustainable and incredibly affordable way.
“We are so excited to be working with M&S on this industry-shaping project, we believe it is exactly what is needed to move the UK rental market forward.”
M&S is Hirestreet’s largest retail collaboration with over 150 M&S rental items now available on the platform.
[Image credit: M&S]