Introducing Lucy Hall, Co-Founder of LoanHood, a sustainable fashion platform
Lucy Hall
Meet Lucy, Co-founder of LoanHood, a sustainable fashion platform. Following careers in fashion and PR, she turns her skills toward combating the negative impact of fast fashion and is working on providing a solution to fashion conscious eco-consumers.
2019 saw LoanHood explore creative ways to engage Loaners and encourage mindful ways to explore fashion through clothes swaps, panel discussions, supper clubs and exhibitions, collaborating with London College of Fashion, Hackney Council and Matches Fashion. LoanHood also headed to the Glastonbury aftermath to salvage and restore ‘forgotten’ tents, using the sewing skills of women from social enterprise, Fabric Works, to make our limited LoanHood packaging and ‘loan-able’ changing rooms.
Here she shares her tips for how she is disrupting the fashion industry and the importance of eco awareness, sustainability and conscious spending.
Website: Loan Hood
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“I am co-founder of LoanHood, the new fashion rental platform coming in 2020 which provides an inclusive destination allowing you to monetise your style and access a wardrobe curated by you, the LoanHood community.
I have worked in fashion as a model agent for over 10 years and had growing concerns about fashion’s impact on the environment. These concerns and a desire to rethink the industry led me to LoanHood where we hope to implement positive change.”
Loanhood
What does a typical ‘day in the life’ look like for you?
I Since COVID-19 took hold and lockdown has been implemented things have looked very different for us all. Right now I am focusing on the positives of being at home with my husband and having the space to work solely on LoanHood. I get up around 6:30am and read my emails, check social and do some stories if I'm feeling in the mood. I rely on BOF and Vogue Business for all my fashion news.
I try to take a long walk down to the river whilst it is quiet and few people are out or if the weather isn't great roll out my yoga mat and do some stretches at home.
I've fashioned myself an office and get into work mode. I often have meetings with my co-founders via zoom and work on the business all day organising shoots, writing blog posts, reaching out to PRs etc.
I try and take a break and get outside, there have been some great webinars during lockdown which break up the day.
Do you have a routine or rituals that help keep you grounded?
I very much love a routine and somewhat a creature of habit but having recently moved to York and leaving an office job its been much harder to get back into a proper routine. I live for lists so
that helps me stay focused.
How do you switch off/maintain a work-life balance?
I try to meditate everyday, the Calm app is great for this and exercise. I love to cook as well. I recently banned myself from Netflix for a few months so I can stay focused and get more done. I really miss swimming and can't wait to get back into the pool again post COVID-19.
You had a successful career in talent (working for agencies such as Elite and Models 1), what inspired you to launch LoanHood?
I was brought up in the Sex and the City days and as a result signed up to do PR at Leeds University. One thing led to another and before I knew it I was working in Sydney at a model booker. I had previously worked in LA as a fashion intern but my love of PR was dwindling yet I wanted to stay in the fashion game. Fashion can be a stressful industry but also very fun which really spoke to my younger self, so I stuck with the model industry.
What tips would you give to someone looking to start their own business?
It takes a lot of hard work and dedication and time… so much time! Even if you have a great idea, so do most other people. You have to be diligent in your work, do as much research as possible and plan plan plan.
Loanhood founders: Jade McSorley, Lucy Hall and Jen Charon
What would you say is the biggest lesson you’ve learnt since setting up your business?
This is my second business and from the first I learned that even if people are difficult, if they have talent hold onto them. Make it work. From this business I think just believing in yourself.
I often have imposter syndrome but then you read about a successful business person that started from nothing and think well if they can do it so can I!
Believe in yourself.
What do you wish you had known before you started?
More about sustainable fashion, although I have a passion for it and love to learn more I haven’t studied the subject. It is also such a vast and new subject that the information is constantly changing.
What advice would give to new entrants to the industry?
The climate emergency can be incredibly daunting and depressing but stay positive. The more people that are trying to make a difference, however small or large means that we will get through this. We have to.
Where do you see LoanHood in 5 years?
Our 5 year plans sees us out in Europe with LoanHood offices spreading far and wide...Perhaps even the states and Oz!
How do you see the relationship between sustainability and fashion evolving?
There will continue to be friction and also greenwashing from brands but inevitably the more consumers cry out for change and transparency the fashion industry will have to step up and answer.
The relationship between fashion and the digital world is one to watch, how we can make a sustainable digital garment that lives in the cloud.
Describe your relationship with money and personal finance?
I have always been very conscious of making my own money and have worked from an early age.
How do you define wealth?
I wouldn’t necessarily define it in monetary terms but to be happy in oneself and be comfortable financially.
What are your greatest indulgence and guilty pleasure purchases?
My greatest indulgence has to be travel and food. I try to fly less as a way to lessen my impact on the planet, my husband and I travelled to Lyon last year by train which was fab, but seeing new cities and tasting the local food is one of life's greatest pleasures.
My guilty pleasure purchases are much more limited as I try to consume less and don’t buy fashion at all, I rather rent it. LoanHoods rental platform is launching this summer and can’t wait to get renting and coveting others wardrobes but in the meantime I rent from Rotaro and Nu Wardrobe!
What do you feel are the differences between the way you run your personal and your business finances?
I am probably a little more liberal with my own money but I am pretty conscientious with both sets of finances.
Look after the pennies and the pounds take care of themselves.
What is the best financial decision you have ever made?
To buy property.
What was the first investment that you made?
I bought a house with my best friend Anna from university.
What did you learn about finance and money when you were growing up?
My step father was Finance Director of his own company and an accountant by trade and I think his success inspired me. Having financial security gives you freedom and abates some stress.
How do you make choices on how you spend your money?
I'm a planner and try to make sure my finances cover all the necessities. I hate to be in debt. However, sometimes I’m just like you know what...I’m going to book those flights or buy that lamp I probably don't need. You only live once!
What are you currently saving for?
My husband and I are opening a barbershop and cafe so saving for the coming months when things are going to be tight. New businesses always take time to make money.
What are your top financial business tips?
Have multiple forms of income, do not rely on a 9-5pm. In this day and age there are so many ways to side hustle. Renting your clothes via the LoanHood website is one such way.
Save what you can. Invest in items that will gain value.
I love banks like Monzo who squirrel away the pennies from each transaction. That is the perfect way to start.
Who is your role model and why?
My Mum because she has brought up 3 children and and lots of grandchildren and still continues to smile every day. She instilled in me my work ethic, she doesn’t stop!
Where is your sanctuary?
My home with my husband and the South of France.
What inspires or motivates you?
Making a change, making a difference. People like Greta Thunberg or David Attenborough or Alexandra Ocasio Cortez who stand up and shout about what they believe in. They motivate me to speak out.
If you could invite 3 artists to dinner, dead or alive, who would you choose?
I don't know about artists but activists…
Barack (or Michelle) Obama
and back to actual artists, got to be Banksy!
Recommended book and podcast?
Books:
I love reading fiction but often don't have time to indulge myself, am looking forward to a holiday at some stage where I can read something from my guilty pleasure Ken Follet. The Beach is also one of my favourites. I’ve just downloaded Audible so hopefully I can absorb more books with this app but I love nothing more than a proper book in my hands. I don't use a kindle anymore and recently joined a library.
Its alllll about renting...books, clothes!
Podcasts:
Conversations of Inspiration with Holly Tucker
BOF (Business of Fashion)