Rent the Runway Gets a New Rival: Urban Outfitters
Business wars daily is brought to you by Dell. Dell small business technology advisers are ready to help with advice, dedicated one on one partnership, and tailored tech solutions like computers with Intel core processors, servers storage, and more to speak with an advisor today. Call eight seven seven by Dell that's eight seven seven by Dell. From wondering, I'm David Brown, and this is business wars daily happy Friday, one and all urban outfitters is launching clothing rental service that will compete with rent. The runway the announcement has elicited a wide range of reactions from people lauding the company for its innovation and sustainability to one observer, who said, I don't wanna wear clothing someone else wore regardless, some people will. At least that's what her outfitters backing on this new service called newly will cost eight dollars a month. Subscribers will borrow six items a month from one hundred different clothing brands. Those will include urban outfitters on products and fashion from free people and anthropology both of, which it owns. The company also promises something rare, vintage clothing sourced from dealers and even flea markets. According to the Wall Street Journal, newly jumping into a market that rent the runway pioneered rent, the runway now valued at a billion dollars launched its borrow a design. Evening, gown service back in two thousand nine today renting clothing has gone mainstream and the market is growing quickly clothing borrowers are expected to spend two and a half billion dollars each year by twenty twenty three still newly could face some challenges. One of them is that rival rent the runway launched by offering expensive designer where that middle class customers couldn't afford to own renting was a good alternative. It's hard to say whether shoppers will pay a monthly fee to borrow from abroad array of fashion, at least some of which they could probably afford to purchase another is that change like an Taylor express in American Eagle now offer rentals as well. The market is not wide open, still urban outfitters publicly predicted that newly would attract fifty thousand subscribers within a year while responses to newly have been all over the map, one observation has been consistent, launches seen as a signal that as a culture, maybe we're beginning to be. Over owning stop sharing things be tools cars, or close is so twenty nineteen. From wondering this business worse, daily this week's episodes were written edited, and produced by Elaine Appleton, edited and produced by equipment. Our executive producer is Marshall created by or non Lopez or wondering, I'm David Brown. Have a great weekend and we'll see next week. Businessworld daily is brought to you by Dell. Your small business owner, and there's nothing small about what you do. That's why Dell small business technology advisers give you trusted advice, one on one partnership, and tailored tech solutions like computers. With Intel core processors servers storage networking, plus thousands of top brand electronics, accessories and software. No matter your technology needs. Dell is here to help your small business do big things. Call eight seven seven by Dell to speak with an advisor today. That's eight seven seven by Dell.