Fresh off of record-breaking second quarter results, Urban Outfitters Inc. is forging ahead with a new consignment app that looks to create a marketplace for previously owned products and boost sales for the Philadelphia retailer, reports the Philadelphia Business Journal.
Called Nuuly Thrift, the service will launch this fall with an app and sell women’s, men’s and children’s apparel and accessories. As with any consignment store, Urban will receive a fee from any item that is sold on the platform.
Urban described Nuuly Thrift as the “sister platform” to Nuuly Rent, its subscription rental service that competes with Rent The Runway and other similar outlets, reports PBJ.com.
“Both Nuuly platforms, Thrift and Rent, will support its mission to be a curated destination for anyone who loves fashion and is exploring how to wear, buy and sell it in ways that are gentler on the planet and on their wallets,” said Richard A. Hayne, CEO of Urban Outfitters, during a second-quarter earnings call on Tuesday.
PBJ.com explains how payment for sellers works, including the use of "Nuuly Cash."