The brand will be a sister to Nuuly Rent, URBN’s subscription rental service for women’s apparel.
URBN’s jump into the resale space comes as numerous other retailers are opening their own marketplaces for recommerce. The circular economy supports retailers' missions to improve sustainability and enables customers to find their favorite brands at lower prices. URBN customers will also be able to resell products from any brand on Nuuly Thrift that will be merchandised on the platform.
“URBN has been in the vintage renewal business since our founding in 1970,” said Richard A. Hayne, CEO and chairman of Urban Outfitters, said in a statement. “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.”
Customers have two options when they sell on the Nuuly Thrift platform: transfer their earnings directly into their bank account, or redeem them for Nuuly Cash. Customers will receive 10% more if they choose Nuuly Cash, which can be redeemed at Nuuly Thrift, Anthropologie, Free People, Urban Outfitters, BHLDN or Terrain, both online and in stores.
URBN’ customers are already well acquainted with resale, according to the retailer. Three-quarters of its customers have made a secondhand purchase, and nearly half have sold secondhand items within the past year.
“With URBN’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 capitalize on a very large resale market opportunity,” David Hayne, chief technology officer of URBN and Nuuly president, said in a statement.