Urban Outfitters : URBN to Launch Nuuly Thrift, A Resale Marketplace
August 23, 2021
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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.
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Urban Outfitters Inc. published this content on 24 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2021 15:21:01 UTC.
Urban Outfitters, Inc. is a lifestyle products and services company. The Company through three segments: Retail, Wholesale and Nuuly. The Retail segment includes its store and digital channels and includes its Anthropologie, Free People, FP Movement and Urban Outfitters brands. In addition to retail stores, it offers its products and services directly to its customers through its Websites, mobile applications, social media and third-party digital platforms, catalogs and customer contact centers. The Wholesale segment primarily designs, develops, and markets apparel, intimates, activewear and shoes. The Wholesale segment sells through department and specialty stores worldwide, digital businesses and its Retail segment. The Company operates a Wholesale segment under the Free People, FP Movement and Urban Outfitters brands. The Nuuly segment consists of the Nuuly brand, which includes Nuuly Rent and Nuuly Thrift. Nuuly Rent is a monthly womenâs apparel subscription rental service.
URBAN OUTFITTERS, INC. 
