Nick

Oh my God, I'm testing you.

I have an encyclopedic memory. I know, I know. Jack, it was the episode we did on Urban Outfitters selling iPods at their store. Oh, the 20 year old, like original iPod. Yeah, that was at Urban Outfitters. Well, Yeti's Urban Outfitters is back on the pod. Urban is like Abercrombie, but instead of cologne. They sell candles. They're Philadelphia-based. They own anthropology and free people.

I have an encyclopedic memory. I know, I know. Jack, it was the episode we did on Urban Outfitters selling iPods at their store. Oh, the 20 year old, like original iPod. Yeah, that was at Urban Outfitters. Well, Yeti's Urban Outfitters is back on the pod. Urban is like Abercrombie, but instead of cologne. They sell candles. They're Philadelphia-based. They own anthropology and free people.

I have an encyclopedic memory. I know, I know. Jack, it was the episode we did on Urban Outfitters selling iPods at their store. Oh, the 20 year old, like original iPod. Yeah, that was at Urban Outfitters. Well, Yeti's Urban Outfitters is back on the pod. Urban is like Abercrombie, but instead of cologne. They sell candles. They're Philadelphia-based. They own anthropology and free people.

In fact, Urban Outfitters is their smallest brand by sales. And yet, across all the urban stores, you can buy vinyl records, incense, and an $120 pair of jeans with holes in it. And here's the surprise news, Jack. Urban just announced record sales. That's right. Urban announced $1.3 billion in revenue last quarter, which is up 11% from last year.

In fact, Urban Outfitters is their smallest brand by sales. And yet, across all the urban stores, you can buy vinyl records, incense, and an $120 pair of jeans with holes in it. And here's the surprise news, Jack. Urban just announced record sales. That's right. Urban announced $1.3 billion in revenue last quarter, which is up 11% from last year.

In fact, Urban Outfitters is their smallest brand by sales. And yet, across all the urban stores, you can buy vinyl records, incense, and an $120 pair of jeans with holes in it. And here's the surprise news, Jack. Urban just announced record sales. That's right. Urban announced $1.3 billion in revenue last quarter, which is up 11% from last year.

Management thinks that tariffs will shave just 0.2 percentage points from profits this year. That was shocking. So the edgy apparel company stocks soared 25%. They're now at an all-time high. Their $7 billion valuation is nearly as high as The Gap and nearly twice as valuable as Abercrombie & Fitch. And the newest thing at Urban is pretty interesting. It's a concept called on rotation.

Management thinks that tariffs will shave just 0.2 percentage points from profits this year. That was shocking. So the edgy apparel company stocks soared 25%. They're now at an all-time high. Their $7 billion valuation is nearly as high as The Gap and nearly twice as valuable as Abercrombie & Fitch. And the newest thing at Urban is pretty interesting. It's a concept called on rotation.

Management thinks that tariffs will shave just 0.2 percentage points from profits this year. That was shocking. So the edgy apparel company stocks soared 25%. They're now at an all-time high. Their $7 billion valuation is nearly as high as The Gap and nearly twice as valuable as Abercrombie & Fitch. And the newest thing at Urban is pretty interesting. It's a concept called on rotation.

It's basically a new store within a store concept at Urban Outfitters. Okay, so what would that look like, Jack? At some Urban Outfitters, there's going to be a little section dedicated to a different brand. And the inaugural different brand is actually Nike. Yeah, Nike is renting space inside urban stores to get Gen Z to finally care about Air Jordans.

It's basically a new store within a store concept at Urban Outfitters. Okay, so what would that look like, Jack? At some Urban Outfitters, there's going to be a little section dedicated to a different brand. And the inaugural different brand is actually Nike. Yeah, Nike is renting space inside urban stores to get Gen Z to finally care about Air Jordans.

It's basically a new store within a store concept at Urban Outfitters. Okay, so what would that look like, Jack? At some Urban Outfitters, there's going to be a little section dedicated to a different brand. And the inaugural different brand is actually Nike. Yeah, Nike is renting space inside urban stores to get Gen Z to finally care about Air Jordans.

But the standout performer for Urban Outfitters wasn't candle, vinyl, or pre-ripped $120 jeans. No, no, no, no, no. It wasn't even a physical product. No, the standout item at Urban Outfitters was subscription revenue? We're not talking about Urban Plus. No. We're talking about Nuuly, which Urban Outfitters launched in 2019. It's a clothing rental business.

But the standout performer for Urban Outfitters wasn't candle, vinyl, or pre-ripped $120 jeans. No, no, no, no, no. It wasn't even a physical product. No, the standout item at Urban Outfitters was subscription revenue? We're not talking about Urban Plus. No. We're talking about Nuuly, which Urban Outfitters launched in 2019. It's a clothing rental business.

But the standout performer for Urban Outfitters wasn't candle, vinyl, or pre-ripped $120 jeans. No, no, no, no, no. It wasn't even a physical product. No, the standout item at Urban Outfitters was subscription revenue? We're not talking about Urban Plus. No. We're talking about Nuuly, which Urban Outfitters launched in 2019. It's a clothing rental business.

Basically, you get six new items from Urban Outfitters every month for 98 bucks. You send the six items back at the end of the month and then pick six new items for the month ahead. Newly is Urban's clothing rental service, and Newly has doubled its user base in three straight years. They now have 380,000 active subscribers.

Basically, you get six new items from Urban Outfitters every month for 98 bucks. You send the six items back at the end of the month and then pick six new items for the month ahead. Newly is Urban's clothing rental service, and Newly has doubled its user base in three straight years. They now have 380,000 active subscribers.

Basically, you get six new items from Urban Outfitters every month for 98 bucks. You send the six items back at the end of the month and then pick six new items for the month ahead. Newly is Urban's clothing rental service, and Newly has doubled its user base in three straight years. They now have 380,000 active subscribers.

But the wild part for Jack and I, Newly is now running away from the competition, literally. Rent the Runway has only one-third as many users as Newly does. I'm sorry, Jack. Pause the pod. We got to repeat this. Rent the Runway. invented the entire clothing rental concept 16 years ago. But now Newly is the unquestioned leader after just six years. And besties, here's the drama.