Urban Outfitters, Inc. (NASDAQ: URBN), a leading global lifestyle
retailer, today introduces
Nuuly Thrift, a resale
marketplace launching in Fall 2021 where anyone can buy or sell
women's, men's and kids' apparel and accessories. Nuuly Thrift will
be a sister platform to Nuuly Rent, the subscription rental service
for women’s apparel, and both platforms will support the Nuuly
brand's mission to be a curated destination for anyone who loves
fashion and is exploring how to wear, buy and sell it in ways that
are gentler on the planet – and on their wallets.
Nuuly Thrift isn't only a marketplace for the URBN brands –
customers will have the opportunity to resell products from any
brand, and these products will be merchandised on the platform
using the best-in-class creative edit that sets URBN apart. When
customers sell an item on Nuuly Thrift, they will have two options:
transfer their earnings directly into their bank account, or redeem
them for Nuuly Cash, which is worth 10% more at
Nuuly Thrift and the URBN family of brands. For example: if a
customer is paid $100 for a dress on Nuuly Thrift, that customer
will have the option to convert it to $110 in Nuuly Cash, which can
be spent back on Nuuly Thrift, or at Anthropologie, Free People,
Urban Outfitters, BHLDN or Terrain – online and in stores.
“URBN has been in the vintage renewal business since our
founding in 1970,” said Richard A. Hayne, CEO and Chairman, Urban
Outfitters, Inc. “With the launch of Nuuly Thrift, we’re excited
for URBN to capitalize on shifting customer behavior and gain
market share in the rapidly expanding online resale market.”
The resale market is growing quickly and is a natural partner to
rental. Nuuly's end-of-life rental inventory will be sold through
Nuuly Thrift, Nuuly Thrift will introduce new customers to Nuuly
Rent and vice versa, and Nuuly Cash will incentivize customers from
both platforms to continue to spend within the secondhand space,
extending the lifespan of their clothing.
URBN and resale are also natural partners. URBN customers are
very active in the resale market, with three-quarters having made
secondhand purchases and nearly half having sold secondhand items
in the past year. Products from Anthropologie, Free People and
Urban Outfitters are consistently the top performing brands in
resale markets. URBN will be able to encourage an active customer
database of millions of customers across its brands to sell on
Nuuly Thrift, and proceeds from sales on Nuuly Thrift will be
redeemable as Nuuly Cash, which can drive incremental full-price
sales back into the URBN family of brands.
“With URBN’s millions of existing customers, our merchandising
and creative expertise, our deep technical capability, and the
potential for Nuuly Cash to drive incremental purchases at our
family of brands, we believe the stage is set to capitalize on a
very large resale market opportunity,” says David Hayne, Chief
Technology Officer, URBN, and Nuuly President. “Our goal at Nuuly
is to build a creative marketplace community – built around a
best-in-class technology platform – where customers can be
fashion-conscious, eco-conscious and financially-conscious, all in
one place.”
ABOUT NUULYNuuly is a curated destination for
anyone who loves fashion and is exploring how to wear, buy and sell
it in ways that are gentler on the planet – and their wallets.
Customers can choose to engage with the Nuuly brand in multiple
ways – by buying or selling secondhand through Nuuly Thrift, a
peer-to-peer resale marketplace launching Fall 2021; through a
monthly rental subscription with Nuuly Rent, which offers 1000s of
styles from more than 300 designer and contemporary brands,
including Free People, Urban Outfitters and Anthropologie; or both.
For more information, visit www.nuuly.com and follow @nuuly on
Instagram. Press inquiries should be directed to
press@nuuly.com.
ABOUT URBNUrban 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 |
Urban Outfitters (NASDAQ:URBN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Urban Outfitters (NASDAQ:URBN)
Historical Stock Chart
From Apr 2023 to Apr 2024