URBN Launches Nuuly, a Subscription Rental Service for Women’s Apparel
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
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
“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.
Nuuly 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 email@example.com.
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
|Director of Investor Relations|
Source: Urban Outfitters, Inc.