This month, we’ve partnered with fashion rental app LOANHOOD who have set up shop in The Lab E20, east London. Founded by friends Lucy, Jen and Jade, LOANHOOD was born out of a shared vision to minimise overconsumption by encouraging people to rent their clothes instead. We had the chance to spend some time with this amazing trio and ask them some questions about their new business venture. Read on to find out more.

Can you tell us a bit about LOANHOOD and your inspiration for starting the business?

The idea was formulated when Jade was studying her masters in fashion futures at LCF. We have all worked in the fashion industry encouraging people to buy more and it came to a point where it didn’t sit right with us. So when Jade came up with the idea for peer to peer rental and using clothes that were already out there it was like an aha moment for us all. Loanhood was born!

How exactly does a clothing rental service work? 

LOANHOOD is the fashion rental app made for people who want to wear new stuff without buying new. On the app, Loaners can borrow other people’s clothes or rent out their own to make some money. It’s reinventing the way fashion works (for the better).

We recommend you rent items for around 20% of the retail price so you can access fashion at a much more affordable price point as well as making a real return on investment. If you rent out your item 5 times you have made your money back on your purchase! Now that’s an investment piece.

We are currently running a month long pop up at The Lab, E20 where anyone can pop in and try on items and find out more about the rental space.

Pictured here (left to right): The Denim jacket, High-Rise Culottes, Joanne top and skirt, Straight-leg jeans

In what ways do you think a clothing rental service is contributing towards a sustainable future for the fashion industry?

Extending the life of clothes by just nine months of active use would reduce carbon, water and waste footprints by around 20-30% each. By using what we already have we can give space to an industry that is already producing too much so that hopefully we can start integrating circularity into our business models. The current linear take make waste model isn’t working and with fashion emitting 10% of the greenhouse gas emissions something has to change and soon.

What is your favourite thing about getting to run LOANHOOD?

Working with two kick ass co-founders who are constantly teaching me new things. Working in the sustainable fashion space is also incredibly rewarding as we really believe we can make a difference. Fashion is one of the most environmentally damaging sectors in the global economy, if we can bring that down and educate people on sustainability…well what a legacy!

Where do you see LOANHOOD heading over the next few years?

There are £30bn worth of UNUSED clothing in the UK, we want to put those clothes to work here and around the world. Work your wardrobe people and join our community.