Urban Outfitters, Inc. (NASDAQ:URBN), today announces the launch of
Nuuly, a women’s apparel, subscription rental service.
Starting today, customers can join a waitlist at www.Nuuly.com to
be notified for Summer 2019 launch.
Nuuly is a new way to experience clothing—a
monthly subscription service with a robust offering of URBN’s own
brands, third-party labels and one-of-a-kind vintage pieces for
rent via a custom-built, digital platform. Nuuly subscribers
will select their styles each month, wear them as often as they
like, then swap into new styles next month, infusing freshness and
variety into their wardrobes; and if they fall in love with
something they’re renting, they can purchase it.
Subscriptions will cost $88 for one, 6-item box per month, offering
subscribers on average over $800 worth of initial retail value per
box, for a tenth of the price.
Over the years, URBN has observed several trends
impacting consumer’s shopping behaviors. Interest in
sharing-economy platforms and recurring subscription relationships
has grown across industries. In apparel, the millennial
consumer, in particular, is seeking out platforms that provide
novelty, variety and breadth, while also supporting
sustainability. Nuuly seeks to further these shifting
behaviors by giving subscribers access to a wide assortment of
current fashion at a substantially lower cost-per-wear than retail,
solving the paradox of a millennial’s quest for constant fashion
newness alongside the desire for a more sustainable lifestyle.
“Since our founding in 1970, our Company
philosophy has been to give our customers the creative, compelling
shopping experience they desire,” said Richard A. Hayne, CEO and
Chairman, Urban Outfitters Inc. “Nuuly is the next step in
that mission, and with it, we set out to be the subscription
fashion leader by offering an unmatched curation of aspirational
brands, coupled with extraordinary value,” finished Mr. Hayne
Nuuly will stock over 1,000 styles at launch,
with plans to add over 100 new styles a week and triple style count
by year’s end. The assortment will span lifestyle categories,
offering everything from premium denim and everyday dresses to
seasonal outerwear and coveted vintage pieces, with options in
sizes 00-26, including substantial selections of petite and
plus-size apparel. A sampling of the initial assortment
includes:
- A broad offering of URBN’s own brands: Anthropologie, Free
People & Urban Outfitters
- A curated selection of hundreds of rare vintage items
- Fashion & streetwear offerings from global athletic brands:
Reebok, Fila & Champion
- Denim brands: Levi’s, Wrangler, DL1961, Paige, AYR, Citizens of
Humanity, One Teaspoon & AGOLDE
- A curated - yet expansive - assortment from hundreds of
contemporary brands & designer labels including: Universal
Standard, Naadam, LoveShackFancy, Chufy, Gal Meets Glam, Ronny Kobo
& Anna Sui
URBN believes there is a large opportunity to
re-shape the $120B women’s apparel market in the US and is
committed to Nuuly’s success. A dedicated team of engineers,
product managers and data scientists are developing the complex
technology needed to power all aspects of the user experience, with
a focus on data driving many aspects of the business. A dedicated
warehouse and fulfilment center outside Philadelphia houses
state-of-the-art laundry equipment operated by veteran laundry
technicians. Nuuly has also invested in dedicated marketing,
merchandising and creative teams to curate an aspirational
lifestyle experience for our creative-minded target customers.
“URBN enters the rental landscape with many
strategic advantages,” said David Hayne, Chief Digital Officer,
URBN, and Nuuly President. “We bring our distinctive brands
and their proprietary assortments, millions of existing customer
relationships with rich preference histories, long-standing brand
partnerships, a broad point-of-sale distribution network, as well
as deep, operational know-how and investable capital. When
paired with our proven ability to develop creative lifestyle
brands, we believe Nuuly is uniquely positioned to deliver the
dynamic subscription rental experience the modern customer
desires,” finished David Hayne.
ABOUT NUULYNuuly is a new way
to experience clothing. Since 1970, URBN has encouraged customers
to express themselves through their wardrobes and the spaces they
keep. Nuuly is the latest extension of this mission—a shopping
experience that gives customers access to more of the clothes and
brands they love through a monthly rental subscription. Nuuly
stocks thousands of styles from hundreds of brands for all
occasions – work, life, vacation, special events and everything in
between. For more information, visit www.nuuly.com and follow
@nuuly on Instagram. Press inquiries directed to
press@nuuly.com.
Urban Outfitters, Inc., offers
lifestyle-oriented general merchandise and consumer products and
services through a portfolio of global consumer brands comprised of
245 Urban Outfitters stores in the United States, Canada and Europe
and websites; 228 Anthropologie Group stores in the United States,
Canada and Europe, catalogs and websites; 136 Free People stores in
the United States, Canada and Europe, catalogs and websites, 12
Food and Beverage restaurants, 4 Urban Outfitters franchisee-owned
stores, 1 Anthropologie Group franchisee-owned store and 1 Free
People franchisee-owned store, as of April 30, 2019. Free People,
Anthropologie Group and Urban Outfitters wholesale sell their
products through approximately 2,200 department and specialty
stores worldwide, digital businesses and the Company’s Retail
segment.
This news release is being made pursuant
to the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Certain matters
contained in this release may contain forward-looking statements.
When used in this release, the words “project,” “believe,” “plan,”
“will,” “anticipate,” “expect” and similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Any
one, or all, of the following factors could cause actual financial
results to differ materially from those financial results mentioned
in the forward-looking statements: the difficulty in predicting and
responding to shifts in fashion trends, changes in the level of
competitive pricing and promotional activity and other industry
factors, overall economic and market conditions and worldwide
political events and the resultant impact on consumer spending
patterns, the effects of the implementation of the United Kingdom's
referendum to withdraw membership from the European Union (commonly
referred to as “Brexit”), including currency fluctuations, economic
conditions and legal or regulatory changes, any effects of war,
terrorism and civil unrest, natural disasters or severe or
unseasonable weather conditions, increases in labor costs,
increases in raw material costs, availability of suitable retail
space for expansion, timing of store openings, risks associated
with international expansion, seasonal fluctuations in gross sales,
the departure of one or more key senior executives, import risks,
changes to U.S. and foreign trade policies, including the enactment
of tariffs, border adjustment taxes or increases in duties or
quotas, the closing or disruption of, or any damage to, any of our
distribution centers, our ability to protect our intellectual
property rights, risks associated with digital sales, our ability
to maintain and expand our digital sales channels, response to new
store concepts, our ability to integrate acquisitions, failure of
our manufacturers and third-party vendors to comply with our social
compliance program, changes in our effective income tax rate, the
impact of the U.S. Tax Cuts and Jobs Act, changes in accounting
standards and subjective assumptions, regulatory changes and legal
matters and other risks identified in our filings with the
Securities and Exchange Commission. The Company disclaims any
intent or obligation to update forward-looking statements even if
experience or future changes make it clear that actual results may
differ materially from any projected results expressed or implied
therein.
Contact: |
Oona McCullough |
|
Director of Investor Relations |
|
(215) 454-4806 |
Urban Outfitters (NASDAQ:URBN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Urban Outfitters (NASDAQ:URBN)
Historical Stock Chart
From Sep 2023 to Sep 2024