Urban Outfitters plans to launch Nuuly Thrift, an online resale store. The parent company URBN has been in the vintage rejuvenation business since inception in 1970, Richard Hayne, CEO said, the company will capitalize on the altering customer behaviur to acquire market share in the fast increasing online resale industry.
Urban Outfitters has launched a new platform, Nuuly, where users can resell secondhand items. The company’s existing customers already have a penchant for thrifting and may be primed to use the new platform. Teens’ growing interest in thrifting could also threaten traditional apparel retailers as the popularity of buying and selling secondhand grows. Some young entrepreneurs are growing their side hustles selling clothes on thrifting platforms into full-time businesses.