Urban Outfitters Inc., or URBN, has been quietly building a new segment near its headquarters in Philadelphia.
Launched in 2019, Nuuly is a clothing rental subscription service that features the company's brands Urban Outfitters, Free People and Anthropologie, as well as more than 400 other brands and designers.
Nuuly is set to reach profitability in its third or fourth fiscal quarter of 2023.
"Most of the timeframes that we've set up until now, we've been running ahead of," Hayne said.
Though Nuuly isn't the first rental service on the market, analysts said there's a lot of opportunity in the nascent space.
Persons:
Dave Hayne, Nuuly, Adrienne Yih, we've, " Hayne, Hayne, Yih, Vince Camuto
Organizations:
Urban Outfitters Inc, Urban Outfitters, Free, Barclays, McKinsey & Company, Analysts, Banana
Locations:
Philadelphia, URBN's, Kansas City , Missouri, Kansas, Banana Republic