Urban Outfitters Sees a $1 Billion Business in Taking On Rent the Runway

The company debuted Nuuly in 2019 to jump into clothing rental, which took off as a category last decade thanks to startups such as Rent the Runway. The pitch to women was easy—spend about $90 a month on a subscription to keep your wardrobe fresh, slash your dry cleaning bill and feel better about your carbon footprint. (The apparel industry is one of the biggest producers of carbon emissions.)