Urban Outfitters, Inc. (URBN): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Urban Outfitters, Inc. (URBN) não é apenas mais uma marca de varejo - é um ecossistema dinâmico de moda, estilo de vida e inovação estratégica que transformou magistralmente como os jovens consumidores experimentam compras. Ao misturar perfeitamente proezas digitais, design focado em tendências e um portfólio de várias marcas, a URBN criou um modelo de negócios exclusivo que ressoa profundamente com a geração do milênio e a geração Z, transformando o varejo em uma experiência imersiva que vai muito além das vendas tradicionais de roupas. Mergulhe na intrincada tela do modelo de negócios que revela como essa empresa se posicionou como uma potência de tendências no cenário competitivo da moda.

Urban Outfitters, Inc. (URBN) - Modelo de negócios: Parcerias -chave

Fabricantes de roupas e acessórios

O Urban Outfitters fontes de aproximadamente 300 parceiros globais de fabricação em 16 países a partir de 2023. As regiões de fabricação primárias incluem:

Região	Porcentagem de fabricação
China	42%
Vietnã	24%
Índia	15%
Bangladesh	12%
Outros países	7%

Designers de moda independentes e colaboradores de marca

Urban Outfitters mantém parcerias com 87 marcas de designer independentes em 2023, incluindo:

• Stussy
• Campeão
• Dickies
• Patagonia
• A face norte

Parceiros por atacado

As principais parcerias por atacado incluem:

Marca	Contribuição anual da receita
Antropologie	US $ 1,4 bilhão
Pessoas livres	US $ 980 milhões
Urban Outfitters	US $ 1,6 bilhão

Parceiros do centro de logística e distribuição

Urban Outfitters opera 6 centros de distribuição primária com parcerias, incluindo:

• XPO Logistics
• Cadeia de suprimentos da FedEx
• Logística da UPS

Fornecedores de tecnologia e plataforma digital

As parcerias de tecnologia incluem:

Fornecedor	Foco em tecnologia
Shopify	Plataforma de comércio eletrônico
Adobe	Marketing digital
SEIVA	Planejamento de recursos corporativos

Urban Outfitters, Inc. (URBN) - Modelo de negócios: Atividades -chave

Operações e gerenciamento de lojas de varejo

A partir de 2024, o Urban Outfitters opera 658 lojas em várias marcas:

Marca	Número de lojas
Urban Outfitters	276
Antropologie	228
Pessoas livres	154

Desenvolvimento e manutenção da plataforma de comércio eletrônico

Receita de vendas digitais para o ano fiscal de 2023: US $ 1,72 bilhão, representando 36,7% da receita total da empresa.

• Mantido sites dedicados de comércio eletrônico para cada marca
• Plataformas de aplicativos móveis em Outban Outfitters, Anthropologie e pessoas livres

Design de produto e previsão de tendências

Orçamento anual de desenvolvimento de produtos: US $ 87,4 milhões em 2023.

Tamanho da equipe de design	Número de novos SKUs anualmente
284 Profissionais de Design	Aproximadamente 12.000 produtos exclusivos

Marketing e posicionamento da marca

Despesas de marketing para o ano fiscal de 2023: US $ 276,5 milhões.

• Alocação de marketing digital: 68% do orçamento total de marketing
• Engajamento de mídia social: 12,4 milhões de seguidores combinados em plataformas

Gerenciamento de inventário e otimização da cadeia de suprimentos

Valor total do inventário em 31 de janeiro de 2023: US $ 635,8 milhões.

Métrica da cadeia de suprimentos	Desempenho
Taxa de rotatividade de inventário	2.7x
Dias de inventário	135 dias

Urban Outfitters, Inc. (URBN) - Modelo de negócios: Recursos -chave

Portfólio diversificado de várias marcas

Urban Outfitters, Inc. opera 4 marcas principais de varejo a partir de 2023:

• Urban Outfitters
• Antropologie
• Pessoas livres
• NUULY (Serviço de aluguel de roupas)

Marca	Número de lojas (2023)	Receita anual
Urban Outfitters	247 lojas	US $ 1,05 bilhão
Antropologie	209 lojas	US $ 1,16 bilhão
Pessoas livres	136 lojas	US $ 573 milhões

Infraestrutura de varejo digital e físico

Pegada total de varejo a partir de 2023: 592 lojas em várias marcas e países.

Canal de varejo	Porcentagem de vendas
Vendas digitais	38.5%
Vendas de lojas físicas	61.5%

Equipes de design e merchandising

Estatísticas da força de trabalho para design e merchandising:

• Total de funcionários: 12.900
• Tamanho da equipe de design: aproximadamente 350-400 profissionais
• Ciclo médio de desenvolvimento de produtos: 6-8 semanas

Reconhecimento da marca

Demografia de consumo para o mercado -alvo:

• Faixa de idade primária: 18-35 anos
• Seguidores de mídia social:
  • Instagram: 3,2 milhões
  • Tiktok: 1,1 milhão

Recursos de tecnologia digital

Investimento de tecnologia e recursos:

Área de tecnologia	Investimento (2023)
Plataforma de comércio eletrônico	US $ 42 milhões
Análise de dados	US $ 18 milhões
Sistemas de gerenciamento de inventário	US $ 25 milhões

Urban Outfitters, Inc. (URBN) - Modelo de negócios: proposições de valor

Moda única e moderna para jovens consumidores urbanos

O Urban Outfitters tem como alvo os consumidores de 18 a 35 anos, com receita trimestral de US $ 1,07 bilhão a partir do quarto trimestre de 2023. A marca oferece itens de moda com um preço médio que varia de US $ 50 a US $ 250 por peça de roupa.

Segmento de idade	Contribuição da receita	Categorias de produtos
18-24 anos	42%	Vestuário, acessórios
25-35 anos	38%	Bens domésticos, estilo de vida

Estilo de vida com curadoria e experiência estética

O Urban Outfitters mantém 628 lojas em várias marcas com uma plataforma digital gerando 35,6% da receita total em 2023.

• Marca Anthropologie: 230 lojas
• Marca Urban Outfitters: 276 lojas
• Marca de pessoas livres: 122 lojas

Mistura de estilos de design vintage e contemporâneo

Investimento anual de design de US $ 42,3 milhões dedicado à pesquisa de tendências e desenvolvimento de produtos em 2023.

Experiência de compra multicanal

Canal	Porcentagem de vendas	Taxa de crescimento
Lojas físicas	64.4%	3.2%
Comércio eletrônico	35.6%	12.7%

Interação personalizada e envolvente da marca

Orçamento de marketing digital de US $ 87,6 milhões em 2023, com 6,2 milhões de membros do programa de fidelidade ativa.

• Seguidores de mídia social: 8,3 milhões
• Tempo médio de engajamento do cliente: 4,7 minutos
• Downloads de aplicativos móveis: 2,1 milhões

Urban Outfitters, Inc. (URBN) - Modelo de negócios: Relacionamentos do cliente

Engajamento de mídia social e construção da comunidade

A partir de 2024, o Urban Outfitters mantém a presença ativa das mídias sociais entre as plataformas:

Plataforma	Contagem de seguidores	Taxa de engajamento
Instagram	3,2 milhões	2.7%
Tiktok	1,5 milhão	3.1%
Twitter	742,000	1.9%

Programa de lealdade e recompensa

Urban Outfitters UO Rewards Program Statistics:

• Total de membros: 2,4 milhões
• Gastes anuais médios por membro: US $ 327
• Repita taxa de compra: 58%
• Taxa de resgate de pontos: 42%

Marketing digital personalizado

Canal de marketing	Taxa de conversão	Impacto de receita
Personalização por e -mail	4.3%	US $ 42 milhões
Anúncios digitais direcionados	3.9%	US $ 38,5 milhões

Ferramentas interativas de estilo e recomendação on -line

Métricas de uso de ferramentas de estilo on -line:

• Usuários ativos mensais: 387.000
• Tempo médio gasto na ferramenta: 6,2 minutos
• Taxa de conversão de recomendações de ferramentas: 3,6%

Feedback do cliente e plataformas de co-criação

Canal de feedback	Total de submissões	Implementações de produtos
Revisões de produtos on -line	124.000 anualmente	37 Modificações do produto
Envios de design de clientes	2.800 envios	12 projetos implementados

Urban Outfitters, Inc. (URBN) - Modelo de negócios: canais

Lojas de varejo nos Estados Unidos e internacionalmente

A partir do quarto trimestre 2023, a Urban Outfitters, Inc. opera:

Marca	Número de lojas	Propagação geográfica
Urban Outfitters	247 lojas	Estados Unidos, Canadá, Europa
Antropologie	209 lojas	Estados Unidos, Canadá
Pessoas livres	139 lojas	Estados Unidos

Sites de comércio eletrônico para cada marca

Os canais de vendas digitais incluem:

• Site Urban Outfitters: urbanoutfitters.com
• Site Anthropologie: Anthropologie.com
• Site de pessoas gratuitas: Freepeople.com

O comércio eletrônico representou 36,4% da receita total da empresa no ano fiscal de 2023, totalizando US $ 1,62 bilhão.

Aplicativos de compras móveis

Downloads de aplicativos móveis e usuários ativos:

• Urban Outfitters App: 2,5 milhões de downloads
• Aplicativo Anthropologie: 1,8 milhão de downloads
• Aplicativo gratuito de pessoas: 1,2 milhão de downloads

Plataformas de mídia social

Plataforma	Seguidores	Taxa de engajamento
Instagram	8,9 milhões	2.3%
Tiktok	3,6 milhões	4.1%
Facebook	2,7 milhões	1.5%

Redes de distribuição por atacado

Parceiros por atacado incluem:

• Nordstrom
• Bloomingdale's
• Asos
• Zalando

As receitas de atacado no ano fiscal de 2023 foram de US $ 307 milhões, representando 6,9% da receita total da empresa.

Urban Outfitters, Inc. (URBN) - Modelo de negócios: segmentos de clientes

Millennials e Consumidores da Gen Z

A partir de 2024, os Outfitters Urban têm como alvo os consumidores de 18 a 35 anos, representando aproximadamente 68,2 milhões de indivíduos nos Estados Unidos. O principal poder demográfico da empresa atinge US $ 360 bilhões anualmente.

Faixa etária	Tamanho da população	Gastos médios anuais
Millennials (25-40)	72,1 milhões	US $ 215 bilhões
Gen Z (18-24)	67,4 milhões	US $ 145 bilhões

Adultos jovens urbanos da moda

Os Outfitters urbanos se concentram em mercados urbanos com altas concentrações de jovens profissionais, visando áreas metropolitanas com populações acima de 500.000.

• Mercados metropolitanos principais: Nova York, Los Angeles, Chicago, São Francisco, Boston
• Renda média do consumidor urbano: US $ 78.500 por ano
• Gastos discricionários da moda: US $ 2.400 anualmente por consumidor

Estudantes universitários e jovens profissionais

A marca tem como alvo estrategicamente 1.200 campi de faculdades nos Estados Unidos, com o foco primário em estudantes e profissionais da carreira.

Segmento	População	Orçamento médio de roupas
Estudantes universitários	19,9 milhões	US $ 1.700/ano
Jovens Profissionais (22-35)	49,5 milhões	US $ 2.800/ano

Buscadores de estilo de vida preocupados com tendências

O Urban Outfitters identifica os consumidores que priorizam experiências exclusivas e com curadoria de estilo de vida com gastos discricionários anuais de US $ 3.200 em produtos de moda e estilo de vida.

• Preferências principais do estilo de vida:
• Consumo focado na sustentabilidade
• Moda única e não mainstream
• Compras experimentais

Demográfico de compras digital-nativo

A empresa tem como alvo os consumidores engajados digitalmente com 92,3% de penetração de compras on-line entre 18-35 faixas etárias.

Métrica de compras digital	Percentagem	Gastos online anuais
Preferência de compras móveis	76.5%	$1,950
As mídias sociais influenciaram as compras	64.2%	$1,350

Urban Outfitters, Inc. (URBN) - Modelo de negócios: estrutura de custos

Operações de lojas de varejo e aluguel

A partir do ano fiscal de 2023, a Urban Outfitters operava 612 lojas totais em várias marcas. Os custos totais de ocupação foram de US $ 644,3 milhões no ano.

Tipo de loja	Número de lojas	Aluguel médio por pé quadrado
Urban Outfitters	276	$52.40
Antropologie	210	$58.75
Pessoas livres	126	$45.30

Cadeia de suprimentos e gerenciamento de inventário

Valor total do inventário em 31 de janeiro de 2023: US $ 454,7 milhões. Custo dos bens vendidos (COGs) para o ano fiscal de 2023: US $ 1,87 bilhão.

• Taxa de rotatividade de inventário: 3,2x
• Fabricação doméstica: 35% da produção total
• Fornecimento Internacional: 65% da produção total

Plataforma digital e infraestrutura de tecnologia

Investimentos de tecnologia e infraestrutura digital para o ano fiscal de 2023: US $ 87,6 milhões.

Categoria de despesa de tecnologia	Custo anual
Manutenção da plataforma de comércio eletrônico	US $ 32,4 milhões
Segurança cibernética	US $ 15,2 milhões
Tecnologia de marketing digital	US $ 22,9 milhões
Infraestrutura em nuvem	US $ 17,1 milhões

Marketing e promoção de marca

Despesas totais de marketing para o ano fiscal de 2023: US $ 253,4 milhões.

• Gastes de publicidade digital: US $ 142,6 milhões
• Marketing de mídia social: US $ 45,7 milhões
• Parcerias de influenciadores: US $ 23,5 milhões
• Publicidade da mídia tradicional: US $ 41,6 milhões

Salários e treinamento de funcionários

Total de despesas relacionadas aos funcionários para o ano fiscal de 2023: US $ 801,2 milhões.

Categoria de funcionários	Salário médio anual	Força de trabalho total
Funcionários da loja de varejo	$35,600	9,800
Funcionários corporativos	$95,300	2,450
Trabalhadores do centro de distribuição	$42,500	1,650

Urban Outfitters, Inc. (URBN) - Modelo de negócios: fluxos de receita

Vendas diretas de lojas de varejo

Para o ano fiscal de 2023, a Urban Outfitters registrou vendas totais de varejo de US $ 4,56 bilhões. Retrófica de vendas de lojas de varejo por marca:

Marca	Vendas de varejo ($ M)	Porcentagem de total
Urban Outfitters	1,523	33.4%
Antropologie	1,387	30.4%
Pessoas livres	872	19.1%
Outras marcas	778	17.1%

Transações da plataforma de comércio eletrônico

As vendas digitais para o ano fiscal de 2023 atingiram US $ 1,74 bilhão, representando 38,2% da receita total da empresa.

Receita de distribuição por atacado

A receita de atacado para o ano fiscal de 2023 foi de US $ 365 milhões, representando 8% da receita total da empresa.

Colaboração e licenciamento de marcas

• A receita de colaboração com marcas externas gerou US $ 42 milhões em 2023
• Os contratos de licenciamento contribuíram com aproximadamente US $ 18 milhões

Vendas de expansão do mercado internacional

As vendas internacionais para o ano fiscal de 2023 totalizaram US $ 612 milhões, representando 13,4% da receita total.

Mercado internacional	Vendas ($ m)	Taxa de crescimento
Canadá	187	5.2%
Europa	276	7.8%
Resto do mundo	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.