September 21, 2021

Info IEC

Business & Finance Information

City Outfitters to Take On Poshmark With Its Personal Thrift Retailer App

City Outfitters Inc. will launch a market for secondhand items, looking for to show its clients into sellers and preserve them from turning to on-line resellers akin to Poshmark Inc. and thredUP Inc.

The corporate’s Nuuly Thrift, launching as an iPhone app this fall, will be a part of a rising record of peer-to-peer providers from retail chains. The businesses stand to gather commissions on resales whereas they danger cannibalizing gross sales of recent merchandise.

“Our job is to develop,” mentioned David Hayne, president of Nuuly and chief expertise officer for City Outfitters. “From a thrift standpoint, we all know that if we don’t present the platform it’s not going to maintain sellers from promoting on different platforms. These secondhand experiences are taking place whether or not we’re taking part in in them or not.”

Lululemon Athletica Inc., Levi Strauss & Co. and Macy’s Inc. have expanded into the secondhand market, which has grow to be a preferred various to quick vogue amongst youthful customers. About 42% of Gen Z customers bought secondhand vogue in 2020, in response to GlobalData PLC, which ready the analysis for thredUP.

On-line clothing-rental service Lease the Runway, which confidentially filed for an preliminary public providing in July, expanded its push into secondhand attire final 12 months after surviving a drop in income because the coronavirus pandemic saved individuals residence from work and particular occasions.

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