URBN Announces Partnership with FABSCRAP to Address Commercial Textile Waste
April 19 2021 - 9:00AM
Urban Outfitters, Inc. (NASDAQ: URBN), a leading global lifestyle
retailer, today announced a partnership with FABSCRAP to support
the organization in reducing the fashion industry’s impact on the
planet. URBN will facilitate FABSCRAP’s expansion into the
Mid-Atlantic region by providing a new physical FABSCRAP location
in Philadelphia, and a working capital grant.
URBN’s relationship with FABSCRAP began in 2019
as part of the Company’s efforts to reduce waste in its supply
chain. Each year, over 6.3 million tons of textiles are wasted
during the design and production process to make clothing (A New
Textiles Economy: Redesigning Fashion’s Future, Ellen McArthur
Foundation). URBN began working with FABSCRAP to recycle fabric
waste from their knitting, sample, and pattern-making rooms.
Headquartered in New York City, FABSCRAP is a
nonprofit organization that has pioneered a system to reuse and
recycle fabric waste. FABSCRAP is dedicated to countering the
fashion industry’s commercial textile waste problem, diverting as
much unused material as possible from being landfilled or
incinerated, while simultaneously creating an accessible materials
resource for creative communities.
“We are excited about the partnership with
FABSCRAP as part of the next step in our sustainability journey,”
said Frank J. Conforti, Co-President and COO, URBN. “Philadelphia
is a perfect location to expand due to local demand for service and
many relationships with design and art universities and nonprofits
in the region. We believe this expansion will facilitate an
infrastructure solution for FABSCRAP and our community,” finished
Mr. Conforti.
“It’s fantastic that URBN supports the fabric
recycling and reuse infrastructure FABSCRAP is building. This
infrastructure is a key component of a more sustainable future for
fashion,” said Jessica Schreiber, CEO of FABSCRAP. “We are leading
the change in how the industry handles fabric waste during the
design process, though our work relies on companies and individuals
within the industry recognizing the issue and actively seeking a
solution. URBN is actively contributing to our growth, increasing
the accessibility of our services, and accelerating our impact,”
finished Ms. Schreiber.
For more information regarding the URBN x
FABSCRAP partnership, please visit URBN Making an Impact. For more
information on FABSCRAP and their mission as a textile reuse and
recycling resource, please visit www.fabscrap.org.
Urban Outfitters Inc. (URBN) is a leading
lifestyle products and services company which operates a portfolio
of global consumer brands comprised of Anthropologie, BHLDN, Free
People, FP Movement, Terrain, Urban Outfitters, Nuuly and Menus
& Venues brands. The Company’s brands offer
lifestyle-oriented general merchandise and consumer products
through 644 stores in the United States, Canada and Europe, global
websites, and catalogs. Free People, FP Movement and Urban
Outfitters wholesale sell their products through 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 impacts of public health
crises such as the coronavirus (COVID-19) pandemic, 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 withdrawal from membership in 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,
severe or unseasonable weather conditions or public health crises,
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, any material disruptions or
security breaches with respect to our technology systems, failure
of our manufacturers and third-party vendors to comply with our
social compliance program, changes in our effective income tax rate
(including the uncertainties associated with 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 the Company’s 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 |
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