The resale market for luxury goods has been steadily growing, with several companies reporting strong performance in recent quarters. Urban Outfitters CEO, stated that there is $200 billion in untapped value for luxury resale items in the U.S. alone. The RealReal, a platform for authenticated luxury consignment, saw its third-quarter gross merchandise volume grow by 6 percent, while revenues increased 11 percent to $148 million. The company also reported its second quarter of positive EBITDA.
Levesque attributed this success to the company's focus on driving supply through sales, marketing, and its retail stores. Meanwhile, Urban Outfitters' rental platform, Nuuly, has also been experiencing significant growth. Sales for Nuuly increased by 53.9 percent to $265.9 million for the first nine months last year, fueled by a 50 percent increase in average active subscribers to 297,000. Nuuly's success has been attributed to its marketing campaign, which targeted first-time renters and highlighted the value of renting over buying
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