Urban Outfitters, Inc. (URBN): Business Model Canvas [Jan-2025 Mis à jour]

Urban Outfitters, Inc. (URBN) n'est pas seulement une autre marque de vente au détail - c'est un écosystème dynamique de mode, de style de vie et d'innovation stratégique qui a magistralement transformé la façon dont les jeunes consommateurs éprouvent des achats. En mélangeant de manière transparente les prouesses numériques, une conception axée sur les tendances et un portefeuille multibrand, URBN a créé un modèle commercial unique qui résonne profondément avec les milléniaux et la génération Z, transformant la vente au détail en une expérience immersive qui va bien au-delà des ventes de vêtements traditionnels. Plongez dans la toile du modèle commercial complexe qui révèle comment cette entreprise s'est positionnée comme une puissance de tendance dans le paysage de la mode compétitive.

Urban Outfitters, Inc. (URBN) - Modèle commercial: partenariats clés

Fabricants de vêtements et d'accessoires

Urban Outfitters Sources d'environ 300 partenaires de fabrication mondiale dans 16 pays en 2023. Les régions de fabrication primaires comprennent:

Région	Pourcentage de fabrication
Chine	42%
Vietnam	24%
Inde	15%
Bangladesh	12%
Autres pays	7%

Créateurs de mode indépendants et collaborateurs de marque

Urban Outfitters maintient des partenariats avec 87 marques de créateurs indépendants en 2023, y compris:

• Se détacher
• Champion
• Dickies
• Patagonie
• La face nord

Partenaires en gros

Les principaux partenariats en gros comprennent:

Marque	Contribution annuelle des revenus
Anthropologie	1,4 milliard de dollars
Personnes libres	980 millions de dollars
Pourvoyeurs urbains	1,6 milliard de dollars

Partenaires du centre de logistique et de distribution

Urban Outfitters fonctionne 6 centres de distribution primaires avec des partenariats, notamment:

• Xpo logistique
• Chaîne d'approvisionnement FedEx
• Logistique UPS

TECHNOLOGIE ET ​​VENDANTS DE PLATEFORME DU DIGITAL

Les partenariats technologiques comprennent:

Fournisseur	Focus technologique
Faire du shoprif	Plate-forme de commerce électronique
Adobe	Marketing numérique
SÈVE	Planification des ressources d'entreprise

Urban Outfitters, Inc. (URBN) - Modèle d'entreprise: Activités clés

Opérations et gestion des magasins de détail

En 2024, Urban Outfitters exploite 658 magasins sur plusieurs marques:

Marque	Nombre de magasins
Pourvoyeurs urbains	276
Anthropologie	228
Personnes libres	154

Développement et maintenance de la plate-forme de commerce électronique

Revenu des ventes numériques pour l'exercice 2023: 1,72 milliard de dollars, représentant 36,7% du total des revenus de l'entreprise.

• Sites Web de commerce électronique dédiés pour chaque marque
• Plates-formes d'applications mobiles à travers Urban Outfitters, Anthropologie et personnes gratuites

Conception des produits et prévision des tendances

Budget annuel de développement de produits: 87,4 millions de dollars en 2023.

Taille de l'équipe de conception	Nombre de nouvelles réseaux par an
284 professionnels du design	Environ 12 000 produits uniques

Marketing et positionnement de la marque

Dépenses de marketing pour l'exercice 2023: 276,5 millions de dollars.

• Attribution du marketing numérique: 68% du budget marketing total
• Engagement des médias sociaux: 12,4 millions d'abonnés combinés sur toutes les plateformes

Gestion des stocks et optimisation de la chaîne d'approvisionnement

Valeur d'inventaire totale au 31 janvier 2023: 635,8 millions de dollars.

Métrique de la chaîne d'approvisionnement	Performance
Ratio de rotation des stocks	2.7x
Jours d'inventaire	135 jours

Urban Outfitters, Inc. (URBN) - Modèle d'entreprise: Ressources clés

Portfolio multi-marques diversifié

Urban Outfitters, Inc. exploite 4 marques de vente au détail principales à partir de 2023:

• Pourvoyeurs urbains
• Anthropologie
• Personnes libres
• Nuuly (service de location de vêtements)

Marque	Nombre de magasins (2023)	Revenus annuels
Pourvoyeurs urbains	247 magasins	1,05 milliard de dollars
Anthropologie	209 magasins	1,16 milliard de dollars
Personnes libres	136 magasins	573 millions de dollars

Infrastructure de vente au détail numérique et physique

Empreinte totale au détail en 2023: 592 magasins à travers plusieurs marques et pays.

Canal de vente au détail	Pourcentage de ventes
Ventes numériques	38.5%
Ventes de magasins physiques	61.5%

Des équipes de conception et de marchandisage

Statistiques de la main-d'œuvre pour la conception et le merchandising:

• Total des employés: 12 900
• Taille de l'équipe de conception: environ 350-400 professionnels
• Cycle de développement moyen des produits: 6-8 semaines

Reconnaissance de la marque

Demographies des consommateurs pour le marché cible:

• Tranche d'âge primaire: 18-35 ans
• Abonnés des médias sociaux:
  • Instagram: 3,2 millions
  • Tiktok: 1,1 million

Capacités technologiques numériques

Investissement et capacités technologiques:

Zone technologique	Investissement (2023)
Plate-forme de commerce électronique	42 millions de dollars
Analyse des données	18 millions de dollars
Systèmes de gestion des stocks	25 millions de dollars

Urban Outfitters, Inc. (URBN) - Modèle d'entreprise: propositions de valeur

Mode unique et tendance pour les jeunes consommateurs urbains

Urban Outfitters cible les consommateurs âgés de 18 à 35 ans avec un chiffre d'affaires trimestriel de 1,07 milliard de dollars au quatrième trimestre 2023. La marque propose des articles de mode avec un prix moyen allant de 50 à 250 $ par pièce de vêtements.

Segment d'âge	Contribution des revenus	Catégories de produits
18-24 ans	42%	Vêtements, accessoires
25-35 ans	38%	Marchandises à domicile, style de vie

Expérience de style de vie organisée et esthétique

Urban Outfitters maintient 628 magasins sur plusieurs marques avec une plate-forme numérique générant 35,6% des revenus totaux en 2023.

• Brand Anthropologie: 230 magasins
• Marque Urban Outfitters: 276 magasins
• Marque de personnes gratuites: 122 magasins

Mélange de styles de design vintage et contemporain

Investissement annuel de conception de 42,3 millions de dollars dédié à la recherche tendance et au développement de produits en 2023.

Expérience de magasinage multicanal

Canal	Pourcentage de ventes	Taux de croissance
Magasins physiques	64.4%	3.2%
Commerce électronique	35.6%	12.7%

Interaction de marque personnalisée et engageante

Budget de marketing numérique de 87,6 millions de dollars en 2023, avec 6,2 millions de membres du programme de fidélité active.

• Abonnés des médias sociaux: 8,3 millions
• Temps moyen d'engagement client: 4,7 minutes
• Téléchargements d'applications mobiles: 2,1 millions

Urban Outfitters, Inc. (URBN) - Modèle d'entreprise: relations clients

Engagement des médias sociaux et renforcement de la communauté

En 2024, Urban Outfitters maintient une présence active sur les réseaux sociaux sur toutes les plateformes:

Plate-forme	Nombre de suiveurs	Taux d'engagement
Instagram	3,2 millions	2.7%
Tiktok	1,5 million	3.1%
Gazouillement	742,000	1.9%

Programme de fidélité et de récompenses

Urban Outfitters Uo Rewards Program Statistics:

• Total des membres: 2,4 millions
• Dépenses annuelles moyennes par membre: 327 $
• Taux d'achat répété: 58%
• Taux de rachat de points: 42%

Marketing numérique personnalisé

Canal de marketing	Taux de conversion	Impact sur les revenus
Personnalisation par e-mail	4.3%	42 millions de dollars
Annonces numériques ciblées	3.9%	38,5 millions de dollars

Outils de style et de recommandation interactifs

Métriques d'utilisation des outils de style en ligne:

• Utilisateurs actifs mensuels: 387 000
• Temps moyen passé sur l'outil: 6,2 minutes
• Taux de conversion à partir des recommandations d'outils: 3,6%

Commentaires et plateformes de co-création des clients

Canal de rétroaction	Soumissions totales	Implémentations de produits
Avis sur les produits en ligne	124 000 par an	37 modifications du produit
Soumissions de conception des clients	2 800 soumissions	12 conceptions implémentées

Urban Outfitters, Inc. (URBN) - Modèle d'entreprise: canaux

Magasins de détail aux États-Unis et à l'étranger

Au quatrième trimestre 2023, Urban Outfitters, Inc. fonctionne:

Marque	Nombre de magasins	Propagation géographique
Pourvoyeurs urbains	247 magasins	États-Unis, Canada, Europe
Anthropologie	209 magasins	États-Unis, Canada
Personnes libres	139 magasins	États-Unis

Sites Web de commerce électronique pour chaque marque

Les canaux de vente numériques comprennent:

• Site Web Urban Outfitters: Urbanoutfitters.com
• Site Web Anthropologie: Anthropologie.com
• Site Web gratuit des gens: freepeople.com

Le commerce électronique représentait 36,4% du total des revenus de l'entreprise au cours de l'exercice 2023, totalisant 1,62 milliard de dollars.

Applications d'achat mobiles

Téléchargements d'applications mobiles et utilisateurs actifs:

• Application Urban Outfitters: 2,5 millions de téléchargements
• Anthropologie App: 1,8 million de téléchargements
• Application de personnes gratuites: 1,2 million de téléchargements

Plateformes de médias sociaux

Plate-forme	Abonnés	Taux d'engagement
Instagram	8,9 millions	2.3%
Tiktok	3,6 millions	4.1%
Facebook	2,7 millions	1.5%

Réseaux de distribution en gros

Les partenaires de gros comprennent:

• Nordstrom
• Bloomingdale
• ASOS
• Zalando

Les revenus en gros de l'exercice 2023 étaient de 307 millions de dollars, ce qui représente 6,9% du total des revenus de l'entreprise.

Urban Outfitters, Inc. (URBN) - Modèle d'entreprise: segments de clientèle

Millennials et consommateurs de la génération Z

En 2024, Urban Outfitters cible les consommateurs âgés de 18 à 35 ans, représentant environ 68,2 millions d'individus aux États-Unis. Le pouvoir de dépenses démographiques de base de la société atteint 360 milliards de dollars par an.

Groupe d'âge	Taille de la population	Dépenses annuelles moyennes
Milléniaux (25-40)	72,1 millions	215 milliards de dollars
Gen Z (18-24)	67,4 millions	145 milliards de dollars

Jeunes adultes urbains avant-gardistes

Urban Outfitters se concentre sur les marchés urbains avec des concentrations élevées de jeunes professionnels, ciblant les zones métropolitaines avec des populations de plus de 500 000.

• Top Metropolitan Markets: New York, Los Angeles, Chicago, San Francisco, Boston
• Revenu moyen des consommateurs urbains: 78 500 $ par an
• Dépenses discrétionnaires de la mode: 2 400 $ par an par consommateur

Étudiants et jeunes professionnels

La marque cible stratégiquement 1 200 campus universitaires à travers les États-Unis, avec un accent principal sur les étudiants et les professionnels en début de carrière.

Segment	Population	Budget de vêtements moyen
Étudiants	19,9 millions	1 700 $ / an
Jeunes professionnels (22-35)	49,5 millions	2 800 $ / an

Demandeurs de style de vie soucieux de la tendance

Urban Outfitters identifie les consommateurs priorisant les expériences de style de vie uniques et organisées avec des dépenses discrétionnaires annuelles de 3 200 $ en produits de mode et de style de vie.

• Préférences de style de vie clés:
• Consommation axée sur la durabilité
• Mode unique et non dans la route
• Shopping expérientiel

Démographie de magasinage natif numérique

La société vise les consommateurs engagés numériquement avec 92,3% de pénétration des achats en ligne parmi les 18 à 35 groupes d'âge.

Métrique d'achat numérique	Pourcentage	Dépenses en ligne annuelles
Préférence d'achat mobile	76.5%	$1,950
Les médias sociaux ont influencé les achats	64.2%	$1,350

Urban Outfitters, Inc. (URBN) - Modèle d'entreprise: Structure des coûts

Opérations et loyer des magasins de détail

Depuis l'exercice 2023, Urban Outfitters a exploité 612 magasins au total sur plusieurs marques. Les coûts totaux d'occupation étaient de 644,3 millions de dollars pour l'année.

Type de magasin	Nombre de magasins	Loyer moyen par pied carré
Pourvoyeurs urbains	276	$52.40
Anthropologie	210	$58.75
Personnes libres	126	$45.30

Chaîne d'approvisionnement et gestion des stocks

Valeur d'inventaire totale au 31 janvier 2023: 454,7 millions de dollars. Coût des marchandises vendues (COG) pour l'exercice 2023: 1,87 milliard de dollars.

• Ratio de rotation des stocks: 3,2x
• Fabrication nationale: 35% de la production totale
• Approvisionnement international: 65% de la production totale

Plateforme numérique et infrastructure technologique

Investissements technologiques et infrastructures numériques pour l'exercice 2023: 87,6 millions de dollars.

Catégorie de dépenses technologiques	Coût annuel
Maintenance de la plate-forme de commerce électronique	32,4 millions de dollars
Cybersécurité	15,2 millions de dollars
Technologie de marketing numérique	22,9 millions de dollars
Infrastructure cloud	17,1 millions de dollars

Marketing et promotion de la marque

Total des dépenses de marketing pour l'exercice 2023: 253,4 millions de dollars.

• Dépenses publicitaires numériques: 142,6 millions de dollars
• Marketing des médias sociaux: 45,7 millions de dollars
• Partenariats d'influenceurs: 23,5 millions de dollars
• Publicité médiatique traditionnelle: 41,6 millions de dollars

Salaire et formation des employés

Total des dépenses liées aux employés pour l'exercice 2023: 801,2 millions de dollars.

Catégorie des employés	Salaire annuel moyen	Total de main-d'œuvre
Employés des magasins de détail	$35,600	9,800
Employés d'entreprise	$95,300	2,450
Travailleurs du centre de distribution	$42,500	1,650

Urban Outfitters, Inc. (URBN) - Modèle d'entreprise: Strots de revenus

Ventes de magasins de détail directs

Pour l'exercice 2023, Urban Outfitters a déclaré des ventes totales de détail de 4,56 milliards de dollars. Répartition des ventes de magasins de détail par marque:

Marque	Ventes au détail ($ m)	Pourcentage du total
Pourvoyeurs urbains	1,523	33.4%
Anthropologie	1,387	30.4%
Personnes libres	872	19.1%
Autres marques	778	17.1%

Transactions de plate-forme de commerce électronique

Les ventes numériques pour l'exercice 2023 ont atteint 1,74 milliard de dollars, ce qui représente 38,2% du total des revenus de l'entreprise.

Revenus de distribution de gros

Les revenus en gros de l'exercice 2023 étaient de 365 millions de dollars, représentant 8% du total des revenus de l'entreprise.

Collaboration et licence de marque

• Les revenus de collaboration avec des marques externes ont généré 42 millions de dollars en 2023
• Les accords de licence ont contribué environ 18 millions de dollars

Ventes d'expansion du marché international

Les ventes internationales pour l'exercice 2023 ont totalisé 612 millions de dollars, ce qui représente 13,4% des revenus totaux.

Marché international	Ventes ($ m)	Taux de croissance
Canada	187	5.2%
Europe	276	7.8%
Reste du monde	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.