The Nuuly Thrift apparel resale marketplace will roll out this autumn as a sister platform to Nuuly Rent, the subscription rental service for women’s clothing.
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.
Customers will have the opportunity to resell products from any brand and will be able to transfer their earnings directly into their bank account, or redeem them for Nuuly Cash, which is worth 10% more at Nuuly Thrift and the Urban family of brands. For example: if a customer is paid US$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.
“Urban Outfitters, Inc has been in the vintage renewal business since our founding in 1970,” says CEO and chairman Richard Hayne. “With the launch of Nuuly Thrift, we’re excited for Urban Outfitters to capitalise on shifting customer behaviour 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, which will introduce new customers to Nuuly Rent and vice versa, and Nuuly Cash will incentivise 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 says its 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.
“With Urban Outfitters, Inc’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 capitalise on a very large resale market opportunity,” adds David Hayne, chief technology officer, Urban Outfitters, Inc 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.”
Urban Outfitters, Inc rolled out its rental subscription service in 2019 in a move aimed at solving the paradox of millennials’ quest for constant fashion newness alongside the desire for a more sustainable lifestyle.
This week, the company reported record second-quarter sales and earnings.
A number of apparel brands and retailers are making strides in the resale space of late. Swedish fashion retailer H&M Group recently revealed plans to launch an apparel resale platform in Canada next month as part of its efforts to help prolong the lifespan of garments.