Urban Outfitters’ “Nuuly” is giving Rent the Runway a run for its money. Launched in 2019, Nuuly gives consumers no-strings-attached access to over 400 brands through its clothing rental service. Nuuly’s President believes consumers are “getting exposure to [URBN or Urban Outfitters Inc.’s] family of brands, and they are actually more inclined to go buy from our sister brands.” Since its conception, Nuuly has accrued 198K subscribers, and experts project that the service will raise URBN’s value by $1B in the next three to five years. In 2030, the rental industry could make up 3% of the retail market. Right now, YPulse’s data shows just over one in 10 young people have rented clothes before—but offerings from more youth oriented brands could change this. (CNBC)
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