Urban Outfitters, Inc. (URBN): Business Model Canvas

Urban Outfitters, Inc. (URBN) ist nicht nur eine weitere Einzelhandelsmarke – es ist ein dynamisches Ökosystem aus Mode, Lifestyle und strategischer Innovation, das die Art und Weise, wie junge Verbraucher das Einkaufen erleben, meisterhaft verändert hat. Durch die nahtlose Verbindung digitaler Kompetenz, trendorientiertes Design und ein Mehrmarkenportfolio hat URBN ein einzigartiges Geschäftsmodell geschaffen, das bei Millennials und der Generation Z großen Anklang findet und den Einzelhandel zu einem immersiven Erlebnis macht, das weit über den traditionellen Bekleidungsverkauf hinausgeht. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie sich dieses Unternehmen als richtungsweisendes Kraftpaket in der wettbewerbsintensiven Modelandschaft positioniert hat.

Urban Outfitters, Inc. (URBN) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Bekleidung und Accessoires

Urban Outfitters bezieht seine Produkte ab 2023 von etwa 300 globalen Produktionspartnern in 16 Ländern. Zu den wichtigsten Produktionsregionen gehören:

Region	Prozentsatz der Fertigung
China	42%
Vietnam	24%
Indien	15%
Bangladesch	12%
Andere Länder	7%

Unabhängige Modedesigner und Markenkollaborateure

Urban Outfitters pflegt Partnerschaften mit 87 unabhängige Designermarken im Jahr 2023, darunter:

• Stussy
• Champion
• Dickies
• Patagonien
• Die Nordwand

Großhandelspartner

Zu den wichtigsten Großhandelspartnerschaften gehören:

Marke	Jährlicher Umsatzbeitrag
Anthropologie	1,4 Milliarden US-Dollar
Freie Leute	980 Millionen Dollar
Urban Outfitters	1,6 Milliarden US-Dollar

Partner für Logistik- und Vertriebszentren

Urban Outfitters ist tätig 6 primäre Vertriebszentren mit Partnerschaften, darunter:

• XPO Logistik
• FedEx-Lieferkette
• UPS Logistik

Anbieter von Technologie und digitalen Plattformen

Zu den Technologiepartnerschaften gehören:

Anbieter	Technologiefokus
Shopify	E-Commerce-Plattform
Adobe	Digitales Marketing
SAP	Unternehmensressourcenplanung

Urban Outfitters, Inc. (URBN) – Geschäftsmodell: Hauptaktivitäten

Betrieb und Management von Einzelhandelsgeschäften

Ab 2024 betreibt Urban Outfitters 658 Geschäfte verschiedener Marken:

Marke	Anzahl der Geschäfte
Urban Outfitters	276
Anthropologie	228
Freie Leute	154

Entwicklung und Wartung von E-Commerce-Plattformen

Digitaler Umsatz für das Geschäftsjahr 2023: 1,72 Milliarden US-Dollar, was 36,7 % des Gesamtumsatzes des Unternehmens entspricht.

• Pflege eigener E-Commerce-Websites für jede Marke
• Mobile App-Plattformen für Urban Outfitters, Anthropologie und Free People

Produktdesign und Trendprognose

Jährliches Produktentwicklungsbudget: 87,4 Millionen US-Dollar im Jahr 2023.

Größe des Designteams	Anzahl neuer SKUs pro Jahr
284 Designprofis	Ungefähr 12.000 einzigartige Produkte

Marketing und Markenpositionierung

Marketingausgaben für das Geschäftsjahr 2023: 276,5 Millionen US-Dollar.

• Zuweisung für digitales Marketing: 68 % des gesamten Marketingbudgets
• Social-Media-Engagement: 12,4 Millionen kombinierte Follower auf allen Plattformen

Bestandsverwaltung und Supply-Chain-Optimierung

Gesamtbestandswert zum 31. Januar 2023: 635,8 Millionen US-Dollar.

Lieferkettenmetrik	Leistung
Lagerumschlagsquote	2,7x
Tage der Inventur	135 Tage

Urban Outfitters, Inc. (URBN) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Multi-Marken-Portfolio

Urban Outfitters, Inc. betreibt ab 2023 vier primäre Einzelhandelsmarken:

• Urban Outfitters
• Anthropologie
• Freie Leute
• Nuuly (Bekleidungsverleih)

Marke	Anzahl der Geschäfte (2023)	Jahresumsatz
Urban Outfitters	247 Geschäfte	1,05 Milliarden US-Dollar
Anthropologie	209 Geschäfte	1,16 Milliarden US-Dollar
Freie Leute	136 Geschäfte	573 Millionen US-Dollar

Digitale und physische Einzelhandelsinfrastruktur

Gesamte Einzelhandelspräsenz ab 2023: 592 Geschäfte über mehrere Marken und Länder hinweg.

Einzelhandelskanal	Prozentsatz des Umsatzes
Digitaler Vertrieb	38.5%
Verkäufe im physischen Geschäft	61.5%

Design- und Merchandising-Teams

Personalstatistik für Design und Merchandising:

• Gesamtzahl der Mitarbeiter: 12.900
• Größe des Designteams: Ungefähr 350–400 Fachleute
• Durchschnittlicher Produktentwicklungszyklus: 6–8 Wochen

Markenbekanntheit

Verbraucherdemografie für den Zielmarkt:

• Primäre Altersspanne: 18–35 Jahre
• Social-Media-Follower:
  • Instagram: 3,2 Millionen
  • TikTok: 1,1 Millionen

Digitale Technologiefähigkeiten

Technologieinvestitionen und -fähigkeiten:

Technologiebereich	Investition (2023)
E-Commerce-Plattform	42 Millionen Dollar
Datenanalyse	18 Millionen Dollar
Bestandsverwaltungssysteme	25 Millionen Dollar

Urban Outfitters, Inc. (URBN) – Geschäftsmodell: Wertversprechen

Einzigartige, trendige Mode für junge urbane Verbraucher

Urban Outfitters richtet sich an Verbraucher im Alter von 18 bis 35 Jahren und erzielte im vierten Quartal 2023 einen Quartalsumsatz von 1,07 Milliarden US-Dollar. Die Marke bietet Modeartikel mit einem Durchschnittspreis von 50 bis 250 US-Dollar pro Kleidungsstück an.

Alterssegment	Umsatzbeitrag	Produktkategorien
18-24 Jahre	42%	Bekleidung, Accessoires
25-35 Jahre	38%	Haushaltswaren, Lifestyle

Kuratierter Lebensstil und ästhetisches Erlebnis

Urban Outfitters unterhält 628 Geschäfte mehrerer Marken mit einer digitalen Plattform und erwirtschaftete im Jahr 2023 35,6 % des Gesamtumsatzes.

• Marke Anthropologie: 230 Geschäfte
• Marke Urban Outfitters: 276 Geschäfte
• Marke Free People: 122 Geschäfte

Mischung aus Vintage- und zeitgenössischen Designstilen

Jährliche Designinvestition von 42,3 Millionen US-Dollar für Trendforschung und Produktentwicklung im Jahr 2023.

Multichannel-Einkaufserlebnis

Kanal	Verkaufsprozentsatz	Wachstumsrate
Physische Geschäfte	64.4%	3.2%
E-Commerce	35.6%	12.7%

Personalisierte und ansprechende Markeninteraktion

Budget für digitales Marketing von 87,6 Millionen US-Dollar im Jahr 2023, mit 6,2 Millionen aktiven Mitgliedern des Treueprogramms.

• Social-Media-Follower: 8,3 Millionen
• Durchschnittliche Kundeninteraktionszeit: 4,7 Minuten
• Downloads mobiler Apps: 2,1 Millionen

Urban Outfitters, Inc. (URBN) – Geschäftsmodell: Kundenbeziehungen

Social-Media-Engagement und Community-Aufbau

Ab 2024 unterhält Urban Outfitters eine aktive Social-Media-Präsenz auf allen Plattformen:

Plattform	Anzahl der Follower	Engagement-Rate
Instagram	3,2 Millionen	2.7%
TikTok	1,5 Millionen	3.1%
Twitter	742,000	1.9%

Treue- und Prämienprogramm

Statistiken zum Urban Outfitters UO Rewards-Programm:

• Gesamtzahl der Mitglieder: 2,4 Millionen
• Durchschnittliche jährliche Ausgaben pro Mitglied: 327 $
• Wiederholungskaufrate: 58 %
• Punkteeinlösungsrate: 42 %

Personalisiertes digitales Marketing

Marketingkanal	Conversion-Rate	Auswirkungen auf den Umsatz
E-Mail-Personalisierung	4.3%	42 Millionen Dollar
Gezielte digitale Werbung	3.9%	38,5 Millionen US-Dollar

Interaktive Online-Styling- und Empfehlungstools

Nutzungsmetriken für Online-Styling-Tools:

• Monatlich aktive Benutzer: 387.000
• Durchschnittlicher Zeitaufwand für das Werkzeug: 6,2 Minuten
• Conversion-Rate aus Tool-Empfehlungen: 3,6 %

Kundenfeedback- und Co-Creation-Plattformen

Feedback-Kanal	Gesamtzahl der Einsendungen	Produktimplementierungen
Online-Produktbewertungen	124.000 jährlich	37 Produktmodifikationen
Einsendungen von Kundendesigns	2.800 Einsendungen	12 umgesetzte Designs

Urban Outfitters, Inc. (URBN) – Geschäftsmodell: Kanäle

Einzelhandelsgeschäfte in den Vereinigten Staaten und international

Ab dem vierten Quartal 2023 betreibt Urban Outfitters, Inc.:

Marke	Anzahl der Geschäfte	Geografische Verbreitung
Urban Outfitters	247 Geschäfte	Vereinigte Staaten, Kanada, Europa
Anthropologie	209 Geschäfte	Vereinigte Staaten, Kanada
Freie Leute	139 Geschäfte	Vereinigte Staaten

E-Commerce-Websites für jede Marke

Zu den digitalen Vertriebskanälen gehören:

• Urban Outfitters-Website: urbanoutfitters.com
• Anthropologie-Website: anthropologie.com
• Free People-Website: freepeople.com

Der E-Commerce machte im Geschäftsjahr 2023 36,4 % des Gesamtumsatzes des Unternehmens aus und belief sich auf insgesamt 1,62 Milliarden US-Dollar.

Mobile Shopping-Anwendungen

Downloads mobiler Apps und aktive Benutzer:

• Urban Outfitters-App: 2,5 Millionen Downloads
• Anthropologie-App: 1,8 Millionen Downloads
• Kostenlose People-App: 1,2 Millionen Downloads

Social-Media-Plattformen

Plattform	Anhänger	Engagement-Rate
Instagram	8,9 Millionen	2.3%
TikTok	3,6 Millionen	4.1%
Facebook	2,7 Millionen	1.5%

Großhandelsvertriebsnetze

Zu den Großhandelspartnern gehören:

• Nordstrom
• Bloomingdale's
• ASOS
• Zalando

Der Großhandelsumsatz belief sich im Geschäftsjahr 2023 auf 307 Millionen US-Dollar, was 6,9 % des Gesamtumsatzes des Unternehmens entspricht.

Urban Outfitters, Inc. (URBN) – Geschäftsmodell: Kundensegmente

Millennials und Verbraucher der Generation Z

Ab 2024 richtet sich Urban Outfitters an Verbraucher im Alter von 18 bis 35 Jahren, was etwa 68,2 Millionen Menschen in den Vereinigten Staaten entspricht. Die demografische Kernkaufkraft des Unternehmens beläuft sich auf 360 Milliarden US-Dollar pro Jahr.

Altersgruppe	Bevölkerungsgröße	Durchschnittliche jährliche Ausgaben
Millennials (25–40)	72,1 Millionen	215 Milliarden Dollar
Generation Z (18–24)	67,4 Millionen	145 Milliarden Dollar

Modebewusste urbane junge Erwachsene

Urban Outfitters konzentriert sich auf städtische Märkte mit einer hohen Konzentration junger Fachkräfte und zielt auf Ballungsräume mit mehr als 500.000 Einwohnern ab.

• Top-Märkte in den Metropolen: New York, Los Angeles, Chicago, San Francisco, Boston
• Durchschnittliches städtisches Verbrauchereinkommen: 78.500 US-Dollar pro Jahr
• Ermessensausgaben in der Modebranche: 2.400 US-Dollar jährlich pro Verbraucher

Studenten und junge Berufstätige

Die Marke zielt strategisch auf 1.200 Universitätsgelände in den Vereinigten Staaten ab, wobei der Schwerpunkt vor allem auf Studenten und Berufseinsteiger liegt.

Segment	Bevölkerung	Durchschnittliches Kleidungsbudget
College-Studenten	19,9 Millionen	1.700 $/Jahr
Berufseinsteiger (22-35)	49,5 Millionen	2.800 $/Jahr

Trendbewusste Lifestyle-Suchende

Urban Outfitters identifiziert Verbraucher, die einzigartige, kuratierte Lifestyle-Erlebnisse mit jährlichen Ausgaben von 3.200 US-Dollar für Mode- und Lifestyle-Produkte priorisieren.

• Wichtige Lebensstilpräferenzen:
• Nachhaltigkeitsorientierter Konsum
• Einzigartige Mode abseits des Mainstreams
• Erlebniseinkauf

Digital-Native-Shopping-Demografie

Das Unternehmen richtet sich an digital engagierte Verbraucher mit einer Online-Einkaufsdurchdringung von 92,3 % in der Altersgruppe der 18- bis 35-Jährigen.

Digitale Shopping-Metrik	Prozentsatz	Jährliche Online-Ausgaben
Präferenz für mobiles Einkaufen	76.5%	$1,950
Social Media beeinflusste Käufe	64.2%	$1,350

Urban Outfitters, Inc. (URBN) – Geschäftsmodell: Kostenstruktur

Betrieb und Vermietung von Einzelhandelsgeschäften

Im Geschäftsjahr 2023 betrieb Urban Outfitters insgesamt 612 Geschäfte verschiedener Marken. Die Gesamtkosten für die Belegung beliefen sich in diesem Jahr auf 644,3 Millionen US-Dollar.

Geschäftstyp	Anzahl der Geschäfte	Durchschnittliche Miete pro Quadratmeter
Urban Outfitters	276	$52.40
Anthropologie	210	$58.75
Freie Leute	126	$45.30

Lieferketten- und Bestandsmanagement

Gesamtbestandswert zum 31. Januar 2023: 454,7 Millionen US-Dollar. Kosten der verkauften Waren (COGS) für das Geschäftsjahr 2023: 1,87 Milliarden US-Dollar.

• Lagerumschlagsquote: 3,2x
• Inländische Produktion: 35 % der Gesamtproduktion
• Internationale Beschaffung: 65 % der Gesamtproduktion

Digitale Plattform und Technologieinfrastruktur

Investitionen in Technologie und digitale Infrastruktur für das Geschäftsjahr 2023: 87,6 Millionen US-Dollar.

Kategorie der Technologieausgaben	Jährliche Kosten
Wartung der E-Commerce-Plattform	32,4 Millionen US-Dollar
Cybersicherheit	15,2 Millionen US-Dollar
Digitale Marketingtechnologie	22,9 Millionen US-Dollar
Cloud-Infrastruktur	17,1 Millionen US-Dollar

Marketing und Markenförderung

Gesamte Marketingausgaben für das Geschäftsjahr 2023: 253,4 Millionen US-Dollar.

• Ausgaben für digitale Werbung: 142,6 Millionen US-Dollar
• Social-Media-Marketing: 45,7 Millionen US-Dollar
• Influencer-Partnerschaften: 23,5 Millionen US-Dollar
• Traditionelle Medienwerbung: 41,6 Millionen US-Dollar

Löhne und Schulung der Mitarbeiter

Gesamte mitarbeiterbezogene Ausgaben für das Geschäftsjahr 2023: 801,2 Millionen US-Dollar.

Mitarbeiterkategorie	Durchschnittlicher Jahreslohn	Gesamtbelegschaft
Mitarbeiter von Einzelhandelsgeschäften	$35,600	9,800
Unternehmensmitarbeiter	$95,300	2,450
Mitarbeiter des Vertriebszentrums	$42,500	1,650

Urban Outfitters, Inc. (URBN) – Geschäftsmodell: Einnahmequellen

Direktverkauf im Einzelhandel

Für das Geschäftsjahr 2023 meldete Urban Outfitters einen Gesamteinzelhandelsumsatz von 4,56 Milliarden US-Dollar. Aufschlüsselung der Einzelhandelsumsätze nach Marke:

Marke	Einzelhandelsumsätze (Mio. USD)	Prozentsatz der Gesamtsumme
Urban Outfitters	1,523	33.4%
Anthropologie	1,387	30.4%
Freie Leute	872	19.1%
Andere Marken	778	17.1%

Transaktionen auf E-Commerce-Plattformen

Der digitale Umsatz im Geschäftsjahr 2023 erreichte 1,74 Milliarden US-Dollar, was 38,2 % des Gesamtumsatzes des Unternehmens entspricht.

Einnahmen aus dem Großhandelsvertrieb

Der Großhandelsumsatz belief sich im Geschäftsjahr 2023 auf 365 Millionen US-Dollar, was 8 % des Gesamtumsatzes des Unternehmens entspricht.

Markenkooperation und Lizenzierung

• Der Umsatz aus der Zusammenarbeit mit externen Marken generierte im Jahr 2023 42 Millionen US-Dollar
• Lizenzvereinbarungen trugen etwa 18 Millionen US-Dollar bei

Vertrieb zur internationalen Marktexpansion

Der internationale Umsatz im Geschäftsjahr 2023 belief sich auf insgesamt 612 Millionen US-Dollar, was 13,4 % des Gesamtumsatzes entspricht.

Internationaler Markt	Umsatz (Mio. USD)	Wachstumsrate
Kanada	187	5.2%
Europa	276	7.8%
Rest der Welt	149	3.5%

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Value Propositions

You're looking at how Urban Outfitters, Inc. keeps its diverse customer base engaged and spending across its portfolio of brands as of late 2025. The value proposition isn't one-size-fits-all; it's a collection of tailored offerings.

Lifestyle Merchandising: Creating an emotional bond through curated apparel, home goods, and environments.

This is about selling a feeling, not just a shirt. The numbers show this curation is working, especially at the core Urban Outfitters brand. For the third quarter of fiscal year 2026, the Urban Outfitters brand delivered a 12.5% comparable retail segment net sales increase. That's strong pull. The Anthropologie Group also showed its enduring lifestyle appeal with a 7.6% retail segment comp. The Free People Group followed with a 4.1% retail segment comp. Honestly, Anthropologie's consistency is remarkable; they hit their 19th consecutive quarter of positive comparable sales. The Urban Outfitters brand itself achieved a 13% global retail segment comp in that same third quarter.

• Urban Outfitters Brand Global Retail Segment Comp (Q3 FY26): 13%
• Anthropologie Group Retail Segment Comp (Q3 FY26): 7.6%
• Free People Group Retail Segment Comp (Q3 FY26): 4.1%

Circular Fashion Model: Nuuly offers clothing rental and resale, appealing to values-driven consumers.

The subscription service, Nuuly, is a major value driver now, showing serious scale. In the third quarter of fiscal year 2026, Nuuly's sales jumped 49% year-over-year, hitting $145 million. This growth came from a 42% increase in average active subscribers compared to the prior year period. To give you context on its scale, as of the Q1 FY2026 report in May 2025, Nuuly already had 380,000 active subscribers. It's not just growth; it's profitable growth, too. For the full fiscal year 2025, Nuuly generated $13 million in operating profit. The core rental price point is $98 per month, which gives customers access to over 400 brands.

Metric	Value (Q3 FY26)	Value (Q1 FY26)	Value (FY2025)
Nuuly Revenue	$145 million	$124.4 million	N/A
Active Subscribers	N/A	380,000 (as of May)	N/A
Subscriber Growth (YoY)	42%	53%	50% (Q4 FY25)
Operating Profit	N/A	N/A	$13 million

Multi-Segment Coverage: Capturing distinct niches from young adults (UO) to affluent women (Anthropologie).

Urban Outfitters, Inc. is really a house of distinct businesses, and the latest results show broad-based strength. Total company net sales for the third quarter of fiscal year 2026 hit a record $1.53 billion. The total company net sales for the full fiscal year 2025 were $5.6 billion. You see the segmentation clearly when you look at the brand performance.

Brand/Segment	Net Sales / Comp Growth (Q3 FY26)	Notes
Total Company Net Sales	$1.53 billion	Record Q3 FY26 Revenue
Urban Outfitters Brand Comp	12.5% Retail Segment Comp	First double-digit comp in a long time
Anthropologie Group Comp	7.6% Retail Segment Comp	19th straight quarter of positive comps
Free People Group Total Sales	$399 million	Total sales
FP Movement Total Growth	18%	Fueled by Retail Comp of 4% and Wholesale of 29%

Experiential Discovery: Physical stores act as cultural hubs and media channels, not just distribution points.

The brick-and-mortar footprint remains a key part of the value delivery. As of the end of the third quarter of fiscal year 2026, Urban Outfitters, Inc. operated 768 locations globally. They are still investing in physical space, with plans for 69 new store openings across the portfolio. The focus is clearly on high-potential concepts; for instance, FP Movement is slated for 43 new stores in the coming year. New concepts are also proving their worth; the Mave store concept beat its sales plan by a high double-digit number in Q3 FY26, showing the power of in-house brand incubation.

• Total Global Locations (Q3 FY26 End): 768
• Planned New Store Openings (Total URBN): 69
• FP Movement Planned New Stores (FY26): 43

Fashion-Correct Product: Delivering on-trend, high-quality items to minimize markdowns.

When product is right, you sell it full-price, and that shows up directly in the gross margin. For the third quarter of fiscal year 2026, the gross profit rate improved by 31 basis points to reach 36.8%. This gain was hard-won, as tariffs acted as a 60 basis point drag on that same margin. So, the operational teams had to find nearly a full percentage point of gains just to net that small improvement, which they did through better inventory control and fewer markdowns, especially at Urban Outfitters and Free People. Back in Q4 of fiscal year 2025, the gross margin had already expanded by 300 basis points to 32.3%.

The gross profit dollars for Q3 FY26 hit a record $563 million, up 13% from the prior year. That's the real measure of product acceptance.

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Customer Relationships

You're looking at how Urban Outfitters, Inc. keeps its customers engaged, especially with the growth of Nuuly. It's all about making the relationship sticky, blending digital convenience with physical touchpoints.

Subscription-Based

The Nuuly service is the core of the recurring revenue play here. It's a high-touch model because it includes the logistics of shipping and cleaning, which is a major part of the value proposition for the subscriber. The financial numbers show this model is scaling rapidly.

For the third quarter of fiscal year 2026, the subscription segment sales jumped 49% to $145 million. This growth was powered by a 42% increase in average active subscribers versus the prior year quarter. Looking back at the second quarter of fiscal 2026, Nuuly revenue was $138.9 million, a 53% increase year-over-year, driven by a 48% increase in average active subscribers. The service has shown incredible momentum, with subscribers growing by 52.9% in Q1 fiscal year 2025. As of late 2025, Nuuly has about 380,000 active subscribers. The company has a target of $1 billion in sales for Nuuly. For the full fiscal year ending January 31, 2025, Nuuly recorded an operating profit of $13 million. The service is projected to hit $500 million in sales for 2025.

Here's a quick look at the subscription segment's recent financial scale:

Metric	Value (Q3 FY26)	Value (Q2 FY26)
Segment Sales	$145 million	$138.9 million
Average Active Subscriber Growth (YoY)	42%	48%
Contribution to Total URBN Sales Growth	3.5 percentage points	N/A

Community-Driven

While specific numbers on the Gen Z advisory board aren't public, the focus on this demographic is clear, especially as the core Urban Outfitters brand has worked to reconnect. The company acknowledged losing focus on Gen Z, which led to a 9% decline in the Urban Outfitters North America retail segment sales in Q2 fiscal year 2025. The recovery plan involves rebranding and expanding product offerings to better engage this group. The success of Nuuly itself is tied to appealing to younger consumers who value variety and sustainability.

The broader digital strategy is also community-focused, showing success in bringing in new shoppers:

• Digital transformation resulted in 17% new customer growth in Q2.
• Increased marketing spend fueled sales and customer growth across all brands in Q2.
• The Urban Outfitters brand achieved a 13% global retail segment comp in Q3 FY26.

Omnichannel Convenience

Urban Outfitters, Inc. made a significant move to blend its physical stores with the digital rental service by allowing Nuuly returns at all U.S. retail locations starting November 14, 2025. This was an expansion of a previous test that ran at 25 stores, especially in college areas. This convenience is a direct relationship builder, aiming for faster processing and instant updates for the customer.

To drive adoption of this new process, an incentive was put in place for early users. Subscribers using the drop-off function through December 24, 2025, receive a 15% discount code for an Urban Outfitters purchase, redeemable through December 31, 2025. This strategy is designed to drive foot traffic into the stores, as one analyst noted it's "one way to get more people in stores". Nuuly's scale in the rental market is also a key relationship factor; it has more than double the active subscribers of its next-largest U.S. competitor, Rent the Runway, which reported 146,765 average active subscribers in Q2.

Experiential Marketing

The in-store return program itself functions as an experiential touchpoint, blending digital ease with in-person discovery, which is uniquely developed for Gen Z. The President of Urban Outfitters stated that stores are "spaces for discovery, connection, and convenience". While specific event attendance numbers aren't available, the focus on physical locations as connection hubs is evident through this integration. Furthermore, the Urban Outfitters brand is focusing on enhancing selling environments as part of its strategy.

Digital Personalization

The use of data to optimize product mix and marketing is implied by the strong digital performance and the focus on customer growth. The company's digital transformation is paying dividends in customer acquisition. The Urban Outfitters brand is planning to reduce promotions as part of its strategy, suggesting a move toward more targeted, personalized value rather than broad discounting. This aligns with using data to ensure the right product is available at the right time, which is the goal of AI-powered planning.

The overall financial health supports continued investment in these digital and experiential relationship tools:

• Total company net sales for Fiscal Year 2025 were $5.55 billion.
• Record net income for Fiscal Year 2025 was $402.5 million.
• Gross profit margin improved by 113 basis points to 37.6% in Q2.

Finance: draft 13-week cash view by Friday.

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Channels

You're looking at how Urban Outfitters, Inc. gets its product to the customer right now, late in fiscal 2025. It's a mix of physical presence and digital reach, with a clear focus on growth in newer areas like rentals.

Specialty Retail Stores: Physical locations remain key traffic drivers. As of the end of the third quarter of fiscal 2025, Urban Outfitters, Inc. operated exactly 768 physical locations globally. For the nine months ended October 31, 2025, comparable Retail segment net sales growth was driven by mid single-digit positive growth in retail store sales. In the most recent quarter (three months ended October 31, 2025), both digital and in-store channels posted high single-digit positive gains.

Digital E-commerce: The websites and mobile apps across all brands are essential. For the nine months ended October 31, 2025, digital channel sales contributed to the mid single-digit positive growth seen in comparable Retail segment net sales. The North American Retail segment net sales represented approximately 14.3% of consolidated net sales for the full fiscal year ended January 31, 2025, while the European Retail segment accounted for about 7.9% of consolidated net sales for that same period.

The performance across the main segments for the three months ended October 31, 2025, shows the relative scale of these channels:

Channel/Segment	Net Sales ($, thousands) - Q3 FY2025	Year-over-Year Net Sales Change (%) - Q3 FY2025
Retail Segment (Stores & Digital)	$1,296,454	9.6% increase
Subscription Segment (Nuuly)	$144,629	48.7% increase
Wholesale Segment	$88,267	7.6% increase
Total Company Net Sales	$1,529,350	12.3% increase

Nuuly Subscription Platform: This dedicated digital channel for clothing rental is a major growth engine. For the three months ended October 31, 2025, Subscription segment net sales jumped 48.7%, primarily fueled by a 42.2% increase in average active subscribers compared to the prior year quarter. Over the nine months ended October 31, 2025, subscription net sales grew even faster at 53.4%, supported by a 47.3% rise in average active subscribers. By May 2025, Nuuly had surpassed 380,000 active subscribers. The net sales for this segment for the nine months ended October 31, 2025, totaled $407,915 thousand.

Wholesale Segment: This channel primarily moves Free People and FP Movement product to specialty customers. For the three months ended October 31, 2025, Wholesale segment net sales grew by 7.6%. This was led by an 8.4% increase in Free People wholesale sales. For the nine months ended October 31, 2025, Wholesale segment net sales reached $239,458 thousand, marking a 7.6% increase.

Pop-up/Experiential Venues: While the prompt mentions specific activations, the closest reported segment is Menus & Venues. This smaller channel saw its net sales increase from $10.3 million in the third quarter of 2024 to $10.8 million in the third quarter of 2025. For the nine months ended October 31, 2025, Menus & Venues net sales were $30,056 thousand.

You should note the channel performance drivers:

• Urban Outfitters Brand: Comparable Retail segment net sales increased 12.5% in Q3 2025.
• Free People Brand: Comparable Retail segment net sales increased 4.1% in Q3 2025.
• Anthropologie Brand: Comparable Retail segment net sales increased 7.6% in Q3 2025.
• Inventory Support: Total Retail segment inventory increased by 6.3% as of October 31, 2025, to support increased sales.

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Customer Segments

You're looking at the distinct groups of people Urban Outfitters, Inc. (URBN) serves across its portfolio of brands as of late 2025. The company's strength lies in tailoring its value proposition to these specific, yet sometimes overlapping, segments.

Young Adults (Gen Z): Core Urban Outfitters demographic, seeking trendy, self-expressive apparel.

This core group drives the main Urban Outfitters brand. The brand showed significant recent strength, posting a 13% global retail segment comparable sales increase for the third quarter ended October 31, 2025. To be fair, this was a notable rebound, especially considering the brand saw an 8.7% decrease in comparable retail segment net sales for the full fiscal year ended January 31, 2025. The brand achieved a low single-digit operating profit margin globally in that same third quarter of fiscal 2026. This segment is highly engaged digitally, with high single-digit positive growth in digital channel sales contributing to comparable sales increases in earlier periods.

Affluent, Mature Women: Anthropologie's target for unique clothing and home furnishings.

The Anthropologie Group continues to serve a more established, affluent customer base, prioritizing unique aesthetics in both apparel and home goods. This segment demonstrates consistent performance; for the three months ended October 31, 2025, comparable Retail segment net sales increased 7.6%. This marked the 19th consecutive quarter of positive comparable sales for Anthropologie. Own-brand penetration within this segment reached a historical high, increasing over 100 basis points in the third quarter of fiscal 2026.

Bohemian/Wellness-Focused Women: Free People's customer base, valuing comfort and versatility.

Free People Group, which includes FP Movement, targets a customer valuing a bohemian, wellness-oriented lifestyle. For the quarter ending October 31, 2025, the Free People retail segment comparable sales grew 4.1%. The FP Movement activewear line is a significant growth engine, delivering total growth of 18% in that same period, supported by a 4% Retail segment comp and a 29% Wholesale segment sales increase. The Wholesale segment, largely driven by Free People, grew 7.6% overall for the quarter.

Values-Driven Style Rotators: Nuuly subscribers who prioritize variety, sustainability, and content creation.

The Subscription segment, anchored by Nuuly, captures customers seeking variety and a more circular approach to fashion. This is a major growth catalyst for Urban Outfitters, Inc. For the three months ended October 31, 2025, Subscription segment net sales surged 48.7%, fueled by a 42.2% increase in average active subscribers year-over-year. Nuuly sales hit $145 million in that third quarter. By May 2025, the service had surpassed 380,000 active subscribers, and in Q1 FY2026, the customer base grew by 53% year-over-year. This recurring revenue stream added 3.5 percentage points to the entire company's sales growth in Q3 FY26.

Here's a quick look at the recent comparable sales performance across the core retail brands for the three months ended October 31, 2025:

Brand Segment	Comparable Retail Segment Net Sales Growth (Q3 FY26)
Urban Outfitters	12.5%
Anthropologie Group	7.6%
Free People Group	4.1%

Also, consider the growth drivers for the Subscription segment:

• Subscription Segment Net Sales Increase (Q3 FY26): 48.7%
• Average Active Subscriber Increase (Q3 FY26): 42.2%
• Nuuly Net Sales (Q3 FY26): $145 million

Finance: draft 13-week cash view by Friday.

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Urban Outfitters, Inc.'s operations as of late 2025. Understanding these costs is key to seeing where the margin pressure points are, especially with the current trade environment.

Cost of Goods Sold (COGS) remains the single largest cost component for Urban Outfitters, Inc. For the full fiscal year ended January 31, 2025, the Cost of Sales, which excludes store impairment and lease abandonment charges, totaled $3.619 billion. This figure represents the direct costs associated with the merchandise sold across all brands.

Selling, General, and Administrative (SG&A) expenses saw an increase in the third quarter of fiscal 2026. For the three months ended October 31, 2025, SG&A expenses increased by 13.7% compared to the prior year period. This dollar growth was primarily linked to increased marketing expenses supporting customer growth and higher store payroll expenses tied to net sales growth. For the full year ended January 31, 2025, total SG&A expenses were $402.367 million.

Logistics and Fulfillment costs are seeing significant capital allocation, particularly to support the growth of the Nuuly subscription segment. Urban Outfitters, Inc. announced a $60 million investment over a five-year period to build out its Nuuly fulfillment and laundry facility in Raymore, Missouri, which is its second U.S. fulfillment center. Furthermore, the company disclosed a $52.5 million investment for upgrades, including adding sortation technology, to this Missouri center. For fiscal year 2026 capital expenditures, approximately 25% is allocated to logistics capacity investments, which includes the Nuuly rental fulfillment center.

Store Occupancy Costs are a major fixed cost within the Cost of Sales structure. The leverage on these costs is a direct benefit of strong top-line performance. For instance, in the third quarter of fiscal 2026, the improvement in the gross profit rate was partly attributed to leverage in store occupancy costs driven by the increase in comparable Retail segment net sales.

Merchandise Costs are currently being pressured by external factors. Elevated tariffs have forced the company to adjust expectations for margin impact. While the company previously guided for a minimal negative impact of approximately 20 basis points to gross margins in the second half of the year (based on Q1 commentary), by the second quarter of fiscal 2026, the expectation for tariffs to reduce gross margins in the last six months of the year was revised upward to 75 basis points. This pressure on initial merchandise costs partially offset gross profit rate improvements for the nine months ended October 31, 2025.

Here are the key financial figures related to the cost structure as of the latest reported periods:

Cost Component	Period/Context	Amount/Rate
Cost of Sales (COGS)	Twelve Months Ended January 31, 2025	$3.619 billion
SG&A Expenses	Three Months Ended October 31, 2025 (Q3 FY2026)	Increased by 13.7%
SG&A Expenses (Total Dollars)	Twelve Months Ended January 31, 2025	$402.367 million
Nuuly Fulfillment Center CapEx (5-Year Plan)	Announced Investment	$60 million
Nuuly Fulfillment Center Upgrades (Recent)	As of Q2 FY2026 Call	$52.5 million
Logistics CapEx Allocation	FY2026 Plan	Approximately 25% of total CapEx
Tariff Impact on Gross Margin	Expected H2 FY2026	75 basis points reduction

The company is actively managing these costs through several levers:

• Negotiating better terms with vendors.
• Changing the country of origin where possible.
• Adjusting shipping modes, such as shifting from air to ocean freight.
• Strategically adjusting pricing to protect opening price points.

Finance: draft 13-week cash view by Friday.

Urban Outfitters, Inc. (URBN) - Canvas Business Model: Revenue Streams

Retail Segment Sales: Revenue from physical stores and e-commerce, the largest stream. For the year ended January 31, 2025, Total Retail segment net sales increased by 4.7%.

Subscription Revenue: Monthly fees from Nuuly, which saw a 60.4% net sales surge in FY2025. This growth was primarily driven by a 51.3% increase in average active subscribers in the current year versus the prior year period.

Total Net Sales: Reached a record $5.55 billion for the full fiscal year 2025. This represented a 7.7% increase year-over-year.

Wholesale Segment Sales: Primarily Free People apparel sold to third-party retailers. The Wholesale segment net sales increased 15.5% for the year ended January 31, 2025.

Rental and Resale: Nuuly generates revenue from subscriptions and the eventual sale of used rental garments. Nuuly achieved its first full year of profitability in FY2025, recording $13 million in operating profit for the year.

Here's the quick math on the segment growth for the full fiscal year 2025:

Revenue Stream	FY2025 Net Sales Change	Key Driver/Metric
Total Company Net Sales	7.7% increase	Total Net Sales: $5.55 billion
Retail Segment Net Sales	4.7% increase	Comparable Retail Sales: 3.4% increase
Subscription Segment Net Sales (Nuuly)	60.4% increase	Average Active Subscribers: 51.3% increase
Wholesale Segment Net Sales	15.5% increase	Free People Wholesale Sales: 17.9% increase

The Retail segment performance was uneven across the brands:

• Free People comparable Retail segment net sales increased 8.9%.
• Anthropologie comparable Retail segment net sales increased 7.7%.
• Urban Outfitters comparable Retail segment net sales decreased 8.7%.

To be fair, the subscription segment's growth is significant, but the retail segment still makes up the vast majority of the total revenue base. If onboarding takes 14+ days, churn risk rises, though the 51.3% subscriber growth suggests strong demand.

Finance: draft 13-week cash view by Friday.