Thanks to the resale boom, there’s no lack of options when it comes to thrifting these days. Now Urban Outfitters is getting into the secondhand game by offering a new marketplace.
While the new platform is owned by URBN, Nuuly Thrift will let users shop and sell pieces from any brand outside of the company’s portfolio which includes Anthropologie, Free People, Urban Outfitters, BHLDN, and Terrain. And it comes with its own currency: Nuuly Cash. When users sell their items, they can receive credits — worth 10% more than the cash buyout — to be used for future purchases on the platform, as well as other URBN brands.
“URBN has been in the vintage renewal business since our founding in 1970,” said Richard A. Hayne, Urban Outfitters, Inc.'s CEO and Chairman, in a press release, referring to the company’s reuse & recycle strategy. “With the launch of Nuuly Thrift, we’re excited for URBN to capitalize on shifting customer behaviour and gain market share in the rapidly expanding online resale market.”
The online resale market has indeed grown exponentially in the past year, thanks to the increasing popularity of online consignment sites like Depop, Tradesy, The RealReal, and thredUP, as well as Gen Z’s preference for thrifting. And it’s only going to get bigger: According to thredUP’s 2021 resale report, this market is set to be worth over $77 billion in five years, compared to $36 billion today.
While there’s no specific launch date, according to the press release, Nuuly Thrift, launching first on iOS, will be available in the fall.