It might be obvious from looking at this view, but we're pretty much at max capacity right now.

從這個角度看可能很明顯，但我們現在已經達到了最大容量。

It's all part of Newly, an apparel rental service launched by URBN, or Urban Outfitters Incorporated, in May of 2019.

這一切都是 Newly 的一部分，Newly 是 URBN（即 Urban Outfitters Incorporated）於 2019 年 5 月推出的一項服裝租賃服務。

For $98 per month, Newly users can pick and rent six pieces, valued at an average of $800 per box.

Newly 用戶每月只需支付 98 美元，就可以挑選並租用 6 件物品，平均每盒價值 800 美元。

The burden of shipping, cleaning and repairs are placed on Newly.

運輸、清潔和維修的負擔由 Newly 承擔。

Between all its brands, the company brought in $4.8 billion in net sales in 2022.

2022 年，公司旗下所有品牌的淨銷售額達到 48 億美元。

Analysts predict that Newly will add at least $1 billion in value to its parent company over the next three to five years.

分析師預測，在未來三到五年內，Newly 將為其母公司增加至少 10 億美元的價值。

In 2019, they launched with zero dollars in revenue.

2019 年，他們以零收入啟動。

This is going to be one of the fastest kind of concepts to get to break-even profitability that we've ever seen.

這將是我們所見過的最快實現盈虧平衡的概念之一。

Walking around the floor with the leadership team, there's been a lot of eyes open about, wow, this has grown quite quickly, and a little bit of amazement about how we've been able to keep it going.

與上司團隊一起在會場走動時，很多人都睜大眼睛看，哇，這發展得可真快，也有一些人對我們是如何將其保持下去的感到驚訝。

The rental industry is expected to represent 3% of the total retail market by 2030.

預計到 2030 年，租賃業將佔整個零售市場的 3%。

Recommerce or secondhand sales will likely represent 12%.

再商業或二手銷售可能佔 12%。

Some analysts forecast the size of the global apparel and footwear market will reach $3.3 trillion U.S. dollars by 2030.

一些分析師預測，到 2030 年，全球服裝和鞋類市場規模將達到 3.3 萬億美元。

Gen Z and millennials are driving support of circular business models. 15% say they're willing to try rental, and 48% are willing to buy secondhand.

Z 世代和千禧一代正在推動對循環商業模式的支持。15%的人表示願意嘗試租賃，48%的人願意購買二手貨。

From August 2022 to August 2023, Newly's revenue almost doubled.

從 2022 年 8 月到 2023 年 8 月，Newly 的收入幾乎翻了一番。

We didn't approach this like a test.

我們並沒有把它當作一次測試。

We built this giant building, and I think this wasn't like a pet strategy project.

我們建造了這座巨型建築，我認為這並不像一個寵物戰略項目。

It was going all in on a new business.

它正在全力以赴地開展一項新業務。

While clothing rental is not a new idea, it is an emerging market that's seen an uptick in recent years.

雖然服裝租賃並不是一個新概念，但它是近年來興起的一個新興市場。

Companies like Express, Vince Camuto and Banana Republic all launched rental platforms in 2018 and 2019.

Express、Vince Camuto 和 Banana Republic 等公司都在 2018 年和 2019 年推出了租賃平臺。

Rent the Runway, the biggest independent rental platform, went public in October 2021 at a $1.7 billion valuation.

最大的獨立租賃平臺 Rent the Runway 於 2021 年 10 月上市，估值達 17 億美元。

It was named to the CNBC disruptor list five times, the last time in 2019.

它曾五次入選 CNBC 破壞者榜單，最近一次是在 2019 年。

Whenever there's kind of a hot new topic or an idea, everybody wants to test it.

每當有新的熱門話題或想法出現時，每個人都想試一試。

You name the vertical brand and they very likely have some variation on a rental service.

你只要說出一個垂直品牌的名字，他們就很有可能提供某種不同的租賃服務。

With an increasingly climate conscious population that still cares about fashion, rental could be the sharing economy's new frontier.

隨著人們的氣候意識越來越強，同時也越來越關注時尚，租賃可能成為共享經濟的新領域。

While data varies greatly depending on several factors, most agree that the potential is great.

雖然數據因多種因素而有很大差異，但大多數人都認為潛力巨大。

One report predicts the global clothing rental market could hit $7.5 billion, nearly double where it stands in 2023.

一份報告預測，全球服裝租賃市場規模將達到 75 億美元，比 2023 年增長近一倍。

Another, by McKinsey and Company, expects the circular business model to reach $2.1 billion by 2025.

麥肯錫公司的另一項研究預計，到 2025 年，循環商業模式將達到 21 億美元。

Millennial, Gen Z, Gen Alpha, what do they want?

千禧一代、Z 世代、阿爾法一代，他們想要什麼？

They want everything of their choosing at their doorstep.

他們希望在家門口就能得到自己想要的一切。

Those who are kind of offering this rental avenue are looking forward a decade.

那些提供這種租賃途徑的人正在期待著十年的到來。

This very well could be the beginning of that next big genre of servicing the customer.

這很可能是服務客戶的下一個重要流派的開端。

So in 2019, Dave and Kim tossed their hat in the ring.

是以，在 2019 年，戴夫和金將他們的帽子扔進了戒指。

In the mid 2010s, there was a lot of interest in sustainability and a lot of interest in circularity.

2010 年代中期，人們對可持續性和循環性產生了濃厚的興趣。

We knew that we had an opportunity to get into that space.

我們知道，我們有機會進入這一領域。

It was just a matter of how and how to do it well and to do it right.

問題只是如何做、如何做好、如何做對。

Dave is the son of URBN founder Richard Hain and worked with the company for 18 years before founding Nuuly.

戴夫是 URBN 創始人理查德-海恩（Richard Hain）的兒子，在創辦 Nuuly 之前曾在該公司工作 18 年。

The company wouldn't disclose its initial investment, but said the total amount is well over $100 million.

該公司不願透露其初始投資額，但表示投資總額遠遠超過 1 億美元。

Leaders like Dave and Kim decided the service shouldn't follow the existing blueprint.

戴夫和金這樣的領導者決定，服務不應遵循現有的藍圖。

For one, building a business that includes but is not limited to URBN brands, urban outfitters, free people and anthropology.

其一，建立一個包括但不限於 URBN 品牌、urban outfitters、free people 和人類學的企業。

It was very obvious to us quickly that that didn't exactly make a lot of sense because the one thing people want to do when they're renting is have a broad variety of choice.

我們很快就發現，這樣做並沒有多大意義，因為人們在租房時最希望做的事情就是有多種選擇。

Secondly, Nuuly featured day-to-day options in contrast to competitor Rent the Runway, who initially focused on occasion wear.

其次，與競爭對手 Rent the Runway 相比，Nuuly 主打日常服飾，而 Rent the Runway 最初則專注於場合服飾。

From our beginning days, our mission was to be there for customers every day of week, from fancy to casual work, events, anything that they have going on in their lives.

從創業之初，我們的使命就是在一週的每一天都為客戶提供服務，從高級工作到休閒工作、活動，以及他們生活中的任何事情。

The service has already seen massive growth, with Nuuly now counting eight times more subscribers in October 2023 than in its first year.

目前，Nuuly 的用戶數量在 2023 年 10 月已達到第一年的八倍。

Some industry experts have called Nuuly a case study of what happens when a company goes all in on rental.

一些業內專家稱 Nuuly 是一個案例研究，說明當一家公司全力投入租賃時會發生什麼。

We made a concerted investment with this business at the outset.

我們從一開始就對這項業務進行了協同投資。

We didn't kind of dabble into the program.

我們沒有涉足這個項目。

We didn't experiment into it.

我們沒有做實驗。

We built the platform ourselves.

我們自己建立了平臺。

We specifically invested in a unique team that was focused entirely on success of the business.

我們專門投資組建了一支獨特的團隊，完全專注於企業的成功。

Rent the Runway, established 10 years before Nuuly, had about 137,000 active subscribers in the second quarter of 2023, almost 50,000 less than Nuuly.

Rent the Runway 比 Nuuly 成立早 10 年，2023 年第二季度的活躍用戶約為 13.7 萬，比 Nuuly 少近 5 萬。

Nuuly saw an 85 percent increase in subscribers from July 2022 to July 2023.

從 2022 年 7 月到 2023 年 7 月，Nuuly 的用戶增長了 85%。

Rent the Runways only grew by 11 percent in the same time period.

同期，《Rent the Runways》只增長了 11%。

Nuuly predicts it will be profitable in 2023's third or fourth quarter.

Nuuly 預測，它將在 2023 年的第三或第四季度實現盈利。

I think the possibilities are really endless, but we just have so much market left to address in the space that we're currently in.

我認為可能性真的是無窮無盡的，但在我們目前所處的領域中，我們還有很多市場有待開發。

Nuuly is opening a $60 million distribution center in Kansas City, Missouri, in Q1 2024.

Nuuly 將於 2024 年第一季度在密蘇里州堪薩斯城開設一個價值 6000 萬美元的配送中心。

We believe the growth is there and we're excited to fill a second building.

我們相信增長是存在的，我們很高興能填滿第二座大樓。

By the end of this year, it's arguable that they'll be north of $200 million in revenue, rivaling their own in-house wholesale business, which is about 5 percent of total sales.

到今年年底，他們的收入有望突破 2 億美元，與佔總銷售額約 5% 的內部批發業務不相上下。

Right now, wholesale business has been around for well over a decade.

現在，批發業務已經存在了十多年。

McKinsey & Company found that 63 percent of consumers factor in the way a brand promotes sustainability when considering a purchase.

麥肯錫公司發現，63% 的消費者在考慮購買時會考慮品牌促進可持續發展的方式。

It's important to us.

這對我們很重要。

Anywhere there's an opportunity to do something smartly, we try and do it smartly.

只要有機會聰明地做事，我們就會努力去做。

In 2019, research showed that consumers on average bought 60 percent more clothing than they did 15 years ago, but only kept those items for half as long.

2019 年的研究表明，消費者平均購買的服裝比 15 年前多 60%，但保存時間只有 15 年前的一半。

Fast Fashion's increasing contribution to the global total of greenhouse emissions is somewhere between 2 and 8 percent and has been described as an environmental and social emergency.

在全球溫室氣體排放總量中，"快速時尚 "所佔比例越來越大，約為 2%至 8%，被稱為環境和社會的緊急事件。

Analysts say rental, e-commerce, repair and refurbishment could help the fashion industry cut about 143 million tons of greenhouse gas emissions by 2030.

分析人士稱，到 2030 年，租賃、電子商務、維修和翻新可幫助時尚產業減少約 1.43 億噸溫室氣體排放。

But Nuuly's commitment is not only good for the planet, it's also good for business.

但 Nuuly 的承諾不僅有利於地球，也有利於企業。

The more an item can stay in circulation for us, the better it is for our economics and the financials of the business.

對我們來說，商品的流通時間越長，就越有利於我們的經濟效益和企業的財務狀況。

Recommerce can extend an average product life by 1.7 times, rental by 1.8 times, repairs a little less by 1.35 times.

再商業可將產品的平均壽命延長 1.7 倍，租賃延長 1.8 倍，維修稍短一些，可延長 1.35 倍。

In Nuuly's warehouse, workers recycle laundry chemicals, repair items and ship orders with reusable boxes.

在 Nuuly 的倉庫裡，工人們回收洗衣化學品、修理物品，並用可重複使用的箱子運送訂單。

They also get rid of a lot of cardboard waste.

它們還能清除大量紙板垃圾。

So we don't have, we're not just dumping cardboard into landfills.

是以，我們不會把紙板扔進垃圾填埋場。

Nuuly also launched Nuuly Thrift, a resale marketplace in October of 2021.

Nuuly 還於 2021 年 10 月推出了轉售市場 Nuuly Thrift。

It takes a 20 percent commission on all sales.

它從所有銷售額中抽取 20% 的佣金。

That latest offering sets URBN apart, a sort of trifecta of retail, rental and resale.

這一最新產品使 URBN 脫穎而出，成為零售、租賃和轉售的三合一。

The 2020 COVID-19 pandemic permanently changed how and what consumers buy.

2020 年的 COVID-19 大流行永久性地改變了消費者的購買方式和內容。

The casualization of the workforce is tremendously different than it was circa 2019, before this all happened.

在這一切發生之前，勞動力的臨時化與 2019 年左右的情況大不相同。

It was almost like I'll still have a certain portion of my entire wardrobe that's going to be generally casual. 10 percent of my life is more just going to be that way sort of permanently.

這幾乎就像我的整個衣櫥裡仍然會有一部分是休閒裝。在我的生活中，有百分之十的時間都是這樣的。

Nuuly took off less than a year before the world shut down and didn't walk away unscathed.

Nuuly 在世界停擺前不到一年的時間裡起飛，但也並非毫髮無損。

The pandemic was a weird time.

大流行病是一個奇怪的時期。

We had been growing nicely up to that point.

在那之前，我們的成長一直很順利。

I think we had around 25 or 30,000 subscribers right as the pandemic kind of hit.

我想，就在大流行病襲來時，我們大約有 25 或 30,000 個用戶。

The next three or four weeks, we lost a good half of our subscriber base.

接下來的三四個星期，我們失去了一大半的訂戶。

Women just didn't need to rent.

女人就是不需要租房。

Despite these losses, Nuuly didn't fail, helped in part by the backing of its multi-billion dollar parent company, which continued to invest rather than pull the plug.

儘管損失慘重，但 Nuuly 沒有倒閉，部分原因是得到了其價值數十億美元的母公司的支持，母公司繼續投資，而不是拔掉插頭。

We believed in the concept.

我們相信這個概念。

Leadership across URBN believed in the concept.

市建局的領導層對這一理念深信不疑。

Our board believed in the concept and we were able to ride it out.

我們的董事會相信這一理念，是以我們能夠堅持下來。

Dave's father, Dick Hain, has been known to be more risk averse, so the company's decision to take a risk with Nuuly is notable.

戴夫的父親迪克-海恩（Dick Hain）是眾所周知的風險規避者，是以公司決定與 Nuuly 一起冒險是值得注意的。

They don't spend foolishly.

他們不會亂花錢。

They don't make investments sort of that haven't been studied on the return on that invested capital.

他們不會進行那種沒有研究過投資資本回報的投資。

They never took down debt during the period of the pandemic when people needed debt to just get through.

在大流行病期間，人們需要舉債度日，但他們從未舉債。

But overall, the rental sector struggled.

但總體而言，租賃行業仍在苦苦掙扎。

Latote filed for bankruptcy in 2020, citing complications from the pandemic, though it was later acquired by Sadia Group for $12 million.

2020 年，Latote 以大流行病併發症為由申請破產，但後來被 Sadia 集團以 1200 萬美元的價格收購。

Lofts, Bloomingdale's and Diane von Furstenberg's rental platforms all shut down.

Lofts、Bloomingdale's 和 Diane von Furstenberg 的租賃平臺都已關閉。

Rent the Runway reported a net loss of $171 million and its active subscriber count fell almost 60 percent to about 55,000 in 2020.

Rent the Runway 報告的淨虧損為 1.71 億美元，其活躍用戶數量在 2020 年下降了近 60%，約為 5.5 萬人。

While the company bounced back and went public in October 2021, it backfired when Wall Street quickly turned on it.

雖然該公司在 2021 年 10 月反彈並上市，但華爾街很快對其進行了反擊。

We've been focused on building a long term business and we continue to execute against that strategy.

我們一直致力於打造長期業務，並將繼續執行這一戰略。

One of the major components of our path to profitability is capital light acquisition models for our rental product, our inventory.

我們實現盈利的主要途徑之一，就是為我們的租賃產品，即我們的庫存，採用輕資本收購模式。

Rent the Runway's share price has fallen by about 97 percent to 45 cents on November 2nd, 2023.

2023 年 11 月 2 日，Rent the Runway 的股價下跌了約 97%，跌至 45 美分。

In its second quarter 2023, the company's reported revenue was $75.7 million, down 1 percent from the same quarter the year prior.

2023 年第二季度，公司報告的收入為 7570 萬美元，比上年同期下降了 1%。

This as Nuuly's net sales rose to $55.8 million in its second quarter.

這是因為 Nuuly 第二季度的淨銷售額增至 5580 萬美元。

At the moment, the focus is on supporting current clients, keeping up with the enormous product volume and constantly innovating new features.

目前，工作重點是為現有客戶提供支持，跟上龐大的產品數量，並不斷創新新功能。

We are surviving this fall because we have this carousel system in place.

這個秋天我們能活下來，是因為我們有這個旋轉木馬系統。

We launched this summer something called Closetless that we've been hearing from customers for so long.

今年夏天，我們推出了一款名為 "無衣櫥"（Closetless）的產品。

They go on, they heart their favorites and it goes into a closet.

他們繼續，他們心目中的最愛就會被放進壁櫥。

Sky Pollard was poached from J.Crew in 2018.

Sky Pollard 於 2018 年被 J.Crew 挖走。

This brand is amazing.

這個品牌太棒了。

Since Nuuly's launch, she's added more than 100 new brands to the service that URBN had not previously worked with on the retail side.

自 Nuuly 推出以來，她已為該服務添加了 100 多個新品牌，這些品牌以前都未與 URBN 進行過零售方面的合作。

A lot of it started with just making connections with brands that our sister brands already worked with, had developed relationships with, knew how it was to work with URBN.

很多事情都是從與我們的姊妹品牌建立聯繫開始的，這些品牌已經與我們建立了合作關係，知道如何與 URBN 合作。

I think as we bring new customers into the URBN family, which we have seen we are doing through Nuuly, they're getting exposure to our family of brands and they are actually more inclined to go buy from our sister brands, which is a good thing.

我認為，當我們把新顧客帶入 URBN 大家庭時（我們通過 Nuuly 看到了這一點），他們就會接觸到我們的品牌家族，他們實際上更願意購買我們的姐妹品牌，這是一件好事。

Unlike competitor Rent the Runway, who built everything from scratch, Nuuly is uniquely positioned, and that's mainly due to URBN's existing partnerships with hundreds of brands and a global network of over 700 stores.

與競爭對手 Rent the Runway 的一切從零開始不同，Nuuly 具有獨特的定位，這主要歸功於 URBN 與數百個品牌的現有合作關係，以及由 700 多家門店組成的全球網絡。

It's built its customer base and brand loyalty over decades.

幾十年來，它建立了自己的客戶群和品牌忠誠度。

Competition will undoubtedly continue to trickle in, but experts say there's plenty of room for more.

毋庸置疑，競爭將不斷湧現，但專家認為，還有很大的發展空間。

I think that's harder for people who don't have the background of, say, you know, an urban outfitters or being in that sort of youth culture.

我認為，對於那些沒有城市服裝店背景或不瞭解青年文化的人來說，這是比較困難的。

That's a lot of risk.

風險很大

Most retailers will not take risk on 80 percent of what they buy.

大多數零售商不會為 80% 的採購承擔風險。

They like to play it safe.

他們喜歡穩妥行事。

There's a lot of advantages that we have competitively.

在競爭方面，我們有很多優勢。

If other people enter, I welcome competition.

如果其他人参賽，我歡迎競爭。

I actually do think it could make us better.

事實上，我認為這可以讓我們變得更好。

Nuuly has other challenges, like being under a parent company with a volatile stock, a consequence of being in fast fashion.

Nuuly 還面臨其他挑戰，比如母公司的股票不穩定，這也是快速時尚的一個後果。

URBN has to accurately invest in the latest trends while constantly fending off competition.

URBN 必須在不斷抵禦競爭的同時，準確把握最新趨勢。

The company is also facing a trade secret lawsuit by rental company Latote.

該公司還面臨著租賃公司 Latote 提出的商業祕密訴訟。

Latote alleges that URBN stole proprietary information during potential acquisition talks and used that knowledge to build Nuuly as a direct competitor.

Latote 聲稱，URBN 在潛在收購談判中竊取了專有資訊，並利用這些資訊將 Nuuly 打造為直接競爭對手。

URBN told CNBC it was unable to comment on ongoing litigation.

URBN 告訴 CNBC，它無法對正在進行的訴訟發表評論。

When companies are doing well and are on a certain glide path of success, we often do see, you know, infringement lawsuits or things that sort of try to slow down kind of the success of what that company is perhaps doing.

當公司發展順利，走上成功之路時，我們經常會看到侵權訴訟或其他試圖延緩公司成功的行為。

Nuuly, like the rest of the world, has been impacted by inflation, which reached a 40-year high in 2021 and 2022, though dropped to an annual rate of 4.9 percent in April 2023.

與世界其他地區一樣，努裡也受到了通貨膨脹的影響，2021 年和 2022 年的通貨膨脹率達到了 40 年來的最高點，但 2023 年 4 月的年通貨膨脹率降至 4.9%。

Nuuly recently increased its subscription price to $98 from $88.

Nuuly 最近將訂閱價格從 88 美元提高到 98 美元。

Like everything else, clothing itself has significantly inflated.

與其他事物一樣，服裝本身也大幅膨脹。

I mean, even from April of 2021, clothing in general has inflated about 9 percent.

我的意思是，即使從 2021 年 4 月開始，服裝也普遍上漲了約 9%。

It was not the only platform to do so.

這並不是唯一的平臺。

When Rent the Runway phased out its unlimited rental option in 2021, the offer was replaced with new membership tiers with worse values, higher prices for less inventory.

2021 年，Rent the Runway 逐步取消了無限制租賃服務，取而代之的是價值更低、價格更高但庫存更少的新會員等級。

While this may have affected Rent the Runway, Nuuly says its price change hasn't disrupted business.

雖然這可能會影響到 Rent the Runway，但 Nuuly 表示其價格變動並沒有中斷業務。

By and large, we have not seen a disruption in our subscriber growth, and we've actually seen new subscribers coming in at quite the same rate.

總的來說，我們沒有看到用戶增長中斷的情況，實際上，我們看到新用戶的增長速度與以前相當。

Analysts say ultra-fast fashion poses the biggest threat to the rental industry.

分析人士認為，超快時尚對租賃業構成了最大的威脅。

The mentality of buy it today, throw it away tomorrow, and this is the Shein, the Timu, sort of that whole ilk. $300 divided by the average price of $20, right, that's a bunch of stuff that I could get.

今天買了，明天就扔掉，這就是 Shein、Timu 等人的心態。300 美元除以平均價格 20 美元，這就是我可以買到的一堆東西。

I think that that is very attractive to truly the younger generation.

我認為這對年輕一代非常有吸引力。

But as consumers age, they tend to look for higher quality clothing.

但隨著年齡的增長，消費者傾向於追求更高品質的服裝。

And since the younger generation is more eco-conscious than the previous one, the rental market's appeal over fast fashion is spreading as other players continue to innovate and refine their rental services.

由於年輕一代比上一代更具環保意識，隨著其他企業不斷創新和完善租賃服務，租賃市場對快時尚的吸引力也在不斷擴大。

Nuuly will, too.

Nuuly 也會的。

Certainly there are other categories that we could consider.

當然，我們還可以考慮其他類別。

You know, what about kids clothes?

你知道，孩子們的衣服怎麼辦？

What about menswear?

男裝呢？

I think because we built everything from scratch, we're really able to kind of flex into whatever that next opportunity is.

我想，因為我們的一切都從零開始，所以我們真的能夠靈活應對下一個機會。

We want growth.

我們希望增長。

We want to try new things.

我們想嘗試新事物。

Some things might work, some things might not.

有些事情可能行得通，有些事情可能行不通。

But I think that's the only way you stay ahead.

但我認為，只有這樣才能保持領先。

And I think that's that's what allows us to be successful.

我認為這就是我們能夠取得成功的原因。