The sharing economy is now making its way into the fashion industry as Urban Outfitters, a multinational retail company, looks to rent clothes to younger shoppers. In an effort to boost engagement with millennial-age consumers, the 49-year-old retailer is launching a new company called Nuuly by summer 2019. For a cost of $88 per month, the new subscription service will allow consumers to pick six items, wear them as frequently as they wish and swap them for new pieces the following month. There is an option to purchase items if the customer wishes to keep it.
Nuuly’s launch is Urban’s attempt to connect with today’s young fashionistas whose habits have radically changed over the past half-century. The rental service seeks to solve the paradox facing many millennial consumers: the desire for fast fashion, accompanied by a growing moral conscience surrounding sustainability. This is a shift we can expect to see more of, as people reach ‘peak stuff’ in their personal lives and do not want to fill their homes with clothing that is only worn occasionally.