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Isabella West, Founder & CEO of Hirestreet
It’s no secret; the Coronavirus pandemic has changed the fashion and retail industry as we once knew it forever. 2020 saw the closure of brick and mortar stores around the globe for months on end, as we entered into a worldwide lockdown. With this, also came cancelled fashion shows and countless collections being pulled by designers, brands and companies, which only added to the already estimated £140 million worth of clothing that Britons alone, are estimated to discard of per year.
Isabella West, a sustainability advocate, founded rental platform Hirestreet with two things in mind; minimising waste in the fashion industry and creating access to designer and premium quality fashion pieces.
Founded in 2018, Hirestreet is one of the leaders in the UK online clothing rental market, which is expected to reach a global value of $2.08 billion by the year 2025. West views her platform as the bridge between the brand and the consumer, where she always looks to reduce any waste in stock that already exists.
Her company message is simple; brands do not need to get rid of stock, neither do they need to do so at a discounted price. West looks to partner with brands and designers - the ones who sincerely care about making their customers happy and also care where their stock ends up, to power their merchandise for them. They would still own and make money from their pieces through Hirestreet’s 30-wears-per-piece process.
At no surprise, 2020 has been challenging year for the young entrepreneur on both a business and personal level. “Hirestreet is an occasion-based fashion rental platform, our revenues come from customers hiring outfits for weddings, balls, graduations etc,” she tells WOTC. “Looking back to March, I firstly went into practical mode, trying to cost save and utilise the government support available. As the year has worn on, staying motivated and keeping the team optimistic (via Google Meet) about what comes next has been the biggest battle.” On a personal level, West who of course is responsible for leading others had been so focused on remaining positive, showcasing her best self at work and creating excitement about 2021 that she hadn’t allowed herself time to just be her. “I have only recently noticed how much of the stress, frustration and worry I was internalising.”
“2020 has taught me to be grateful for normal and to slow down. It has definitely taken some adjusting to, but there will certainly be long term life-changes that I make from what I have learnt this year. I believe that life is all about how you choose to look at it. I could be disappointed about the loss of this business year, or I can tell myself that after the 1918 Global Spanish Flu pandemic, came the roaring 20’s - because everyone was so excited to be able to get dressed up and leave the house again. I believe that 2021 is the start of a decade of glitz and glam, and we will have COVID to thank for it.”
West has used this year to adjust her entire business model. With Hirestreet’s exponential growth, there was no real time for the company to breathe. “We kept on growing in the same direction, without stopping to question our fundamentals. COVID has given us time to do that, it has made us look critically at our business model. It has inspired us to think differently and focus on how we might be able to empower businesses to join the world of rental. In years to come, we will be supporting other brands, to facilitate better sharing across different sectors and industries.”
“In 2021, #IPLEDGE to commit more time to mentoring young females looking to start their own businesses. Over 2021, I will help other women to build their dream companies by sharing lessons from my experiences and making introductions within my network wherever helpful.”