Urban Outfitters launches rental service
ne more player decided to enter the rental market as consumers become more and more open to the idea of renting clothes. Urban Outfitters is set to launch Nuuly, a womenswear subscription rental service, later this summer. Consumers are invited to join a waitlist at www.nuuly.com to be notified about the exact launch date.
Nuuly will be an online platform offering a combination of Urban Outfitters’ own brands, third-party labels and vintage pieces. Initial third-party partners include Levi’s, Wrangler, Reebok, Champion, and Universal Standard. 1,000 styles will be available at launch, but the company plans to add over 100 new styles each week with the aim to triple the offering by the end of the year.
For a monthly fee of 88 US dollars, subscribers will have access to six items per month, which they can wear as often as they like in the course of those thirty days. If the subscriber likes a particular item they’re renting, they can purchase it.
Commenting on the decision to launch a rental service, Urban Outfitters said in a statement: “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”.
Founded in 1970 in Philadelphia, Urban Outfitters currently operates 245 stores in the US, Canada and Europe. The company also owns Anthropologie, which counts 228 stores in the same regions, and Free People, which has 136 stores. The company has seen its sales grow in the last seven quarters, according to the Q1 results released yesterday.