Clothing retailer, Urban Outfitters has announced it is to trial an online rental platform for its products.
The trial, which will begin in the retailer’s US stores will be called Nuuly, and will aim to compete with existing rental platforms such as Rent the Runway. Upon its launch, the platform will allow customers to rent up to six items of womenswear. Urban Outfitters is yet to decide whether it will roll out the platform across its European operations.
Urban Outfitters launched its new project following the announcement of a rise in profit for the first quarter of the 2019 financial year. Sales at the retailer also saw a small rise by 1% up to £681m for the three months ending 30 April.
Urban Outfitters owner and chief executive Richard A Hayne, said: “Our sales growth was driven by our seventh straight quarter of positive retail segment ‘comps’ as well as continued growth in our wholesale segment.”