Another day, another resale platform. This time it’s US fashion giant Urban Outfitters set to step up its presence in the red-hot second-hand fashion market with plans to introduce its own platform, Nuuly Thrift.
Launching in the fall, the platform will offer consumers the opportunity to buy or sell women's, men's and kids' apparel and accessories.
Customers selling items on Nuuly Thrift can either transfer earnings directly into their bank account or redeem them for Nuuly Cash, which is worth 10 percent more at Nuuly Thrift and the URBN family of brands.
Resale space continues to heat up
The announcement follows news just last week that Swedish fashion giant H&M will launch its own resale fashion platform, called H&M Rewear, in Canada next month.
Like Rewear, Nuuly Thrift will offer consumers the opportunity to resell products from any brand, not just Urban Outfitters products.
Nuuly Thrift will be a sister platform to Nuuly Rent, the subscription rental service for women’s apparel launched by Urban Outfitters in 2019.
The company said the two platforms will go hand-in-hand, with Nuuly's end-of-life rental inventory sold through Nuuly Thrift, while each platform will introduce new customers to the other.
“URBN has been in the vintage renewal business since our founding in 1970,” said Urban Outfitters CEO and chairman Richard A. Hayne 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.”
According to Urban Outfitters, three-quarters of its customers have made second-hand purchases and nearly half have sold second-hand items in the past year.