What: Marks & Spencer recently announced an undisclosed investment in Hirestreet’s parent Zoa Group through a joint venture with brand accelerator Founders Factory, as it launched its debut rental offering on the platform.

Why it’s important: This makes M&S the first major high street retailer in the UK to signal broader ambitions in the burgeoning clothing rental market.

Entering the apparel rental market is the latest in a series of efforts to reverse years of declining sales in the M&S apparel division.

Last year, the company began offering third-party brands on its website and launched an ongoing collaboration with Ghost. In January, it acquired British womenswear brand Jaeger after going into administration, which allowed it to expand its brand offerings on its platform.

These actions are part of a multi-year struggle to remain relevant in an increasingly volatile and competitive retail market.

Following Investment, M&S Launches on Rental Platform Hirestreet