1. A multi-brand fashion and lifestyle group, similar to a more bohemian and curated Gap Inc.

2. A lifestyle retailer blending fashion and unique home goods, like a more trend-driven J.Crew meets Pottery Barn.

• Apparel: Fashion clothing for women and men, including dresses, tops, bottoms, outerwear, and activewear across its brands.
• Accessories: A diverse range of items such as jewelry, handbags, footwear, hats, and other personal adornments.
• Home Goods & Furnishings: Products for home decor, furniture, lighting, kitchenware, bath, bedding, and outdoor living and garden items.
• Beauty & Wellness Products: Cosmetics, skincare, fragrances, haircare, and various other personal care and well-being items.
• Clothing Rental Services: A subscription-based service (Nuuly) enabling customers to rent a rotating selection of apparel for a monthly fee.
• Bridal & Wedding-related Products: Special occasion apparel and accessories for brides and bridesmaids, primarily through the BHLDN brand.

Urban Outfitters (symbol: URBN) primarily sells directly to **individual consumers** through its various retail brands and services. It is a business-to-consumer (B2C) company, operating both brick-and-mortar stores and e-commerce platforms.

The company serves the following categories of individual customers:

1. Young, Trendy, and Culturally Engaged Adults: This demographic, primarily targeted by the Urban Outfitters brand, typically ranges from 18 to 28 years old. They are interested in current fashion trends, unique and expressive styles, music, art, and apartment decor. They seek an authentic and curated lifestyle expression.
2. Sophisticated, Creative, and Affluent Women: This category is served primarily by the Anthropologie brand, targeting women generally aged 30 to 50+. They appreciate unique, artisanal, and high-quality apparel, accessories, home decor, and beauty products. They value craftsmanship, curated aesthetics, and a blend of bohemian-chic with refined elegance.
3. Bohemian, Free-Spirited, and Active Young Women: The Free People and FP Movement brands cater to this group, typically young women aged 20 to 35. They gravitate towards comfortable, vintage-inspired, and flowy fashion, often with an emphasis on wellness, an active lifestyle, and a free-spirited, adventurous aesthetic.

Richard A. Hayne, Chief Executive Officer and Chairman of the Board of Directors

Richard A. Hayne co-founded Urban Outfitters in 1970 with Judy Wicks. He has served as Chairman of the Board and CEO since the firm's incorporation in 1976. Under his leadership, URBN has grown into a portfolio of consumer brands, operating over 700 stores and restaurants. Mr. Hayne took Urban Outfitters public in 1993. He also serves on the boards of Drexel University, Independence Seaport Museum, the Morris Arboretum of the University of Pennsylvania, and Stroud Water Research Center. Richard and his wife, Margaret Hayne, operate the Doe Run Dairy farm in Pennsylvania.

Melanie Marein-Efron, Chief Financial Officer

Melanie Marein-Efron was appointed Chief Financial Officer of Urban Outfitters in 2020. She joined URBN in January 2013 as Director of Financial, Planning & Analysis, and was later promoted to Executive Director Finance & Corporate Development. Before her tenure at Urban Outfitters, Ms. Marein-Efron held various senior finance roles at notable companies including Campbell Soup Company, Godiva Chocolate, and General Motors. She began her career at Arthur Andersen in 1991.

Frank Conforti, Co-President and Chief Operating Officer

Frank Conforti joined Urban Outfitters in March 2007 as Director of Finance and SEC Reporting. He progressively moved up, serving as Controller, Chief Accounting Officer, Chief Financial Officer, and then to his current role as Co-President and Chief Operating Officer. Mr. Conforti is responsible for overseeing Logistics, Development, Real Estate, Call Center, Human Resources, Talent Acquisition & Development, and Legal. Prior to joining URBN, he worked for AlliedBarton Security Services, LLC for five years, serving as Controller. He started his career at KPMG in 1998, where he held various audit roles. Mr. Conforti is a Certified Public Accountant.

Margaret A. Hayne, Co-President and Chief Creative Officer

Margaret A. Hayne is a veteran of the retail and wholesale industry with over 40 years of experience. She currently serves as Co-President and Chief Creative Officer at URBN, where she is known for her visual leadership and work with creative teams across product, environment, experience, and branding. Ms. Hayne previously held the position of CEO of Free People from 2015 to 2020 and President from 2007 to 2016. She joined Urban Outfitters in August 1982. Margaret Hayne is married to the company's CEO, Richard Hayne.

Sheila Harrington, Global Chief Executive Officer, Urban Outfitters Group and Free People Group

Sheila Harrington became the Global CEO for both the Urban Outfitters Group and Free People Group. She initially joined the Free People brand in 2002 to assist in launching its first store. At Free People, she was responsible for merchant product development across all channels, including stores, digital, and wholesale. Ms. Harrington played a key role in the launch and development of new Free People businesses such as Intimates, Shoes, Movement, Endless Summer, and We the Free. Before joining Free People, her experience included working within the merchant organizations of Bloomingdale's and The Gap.

1. Competitive Retail Landscape and Shifting Consumer Trends: Urban Outfitters operates in a highly competitive and dynamic retail environment, constantly challenged by fast fashion trends and evolving consumer preferences. The company's success relies on its ability to accurately predict and rapidly respond to these changes through continuous innovation in its product offerings. The core Urban Outfitters brand, which targets a younger demographic, has particularly struggled with declining comparable sales, especially in North America, as these customers are more sensitive to inflationary pressures and seek value. Failure to adapt could lead to unsold inventory, increased markdowns, and reduced profitability.
2. Economic Volatility, Inflation, and Trade Policy/Tariff Impacts: Macroeconomic factors, including inflation, fluctuating consumer spending patterns, and global trade policies (such as tariffs), pose significant threats to Urban Outfitters. Increased tariffs, particularly from major sourcing regions like India, can directly impact the company's cost structure and supply chain, potentially eroding gross margins. Inflationary costs may necessitate price increases, which could negatively affect sales and operating income if customers react unfavorably, especially given the price sensitivity of the Urban Outfitters brand's younger customer base.
3. Supply Chain Risks, notably Ethical Sourcing and Forced Labor Concerns: Urban Outfitters faces risks related to the complexity of its global supply chain, including potential disruptions, increased operational costs, and the critical need for effective inventory management. A prominent and severe risk is the potential link to forced labor in its supply chain, particularly concerning cotton sourced from the Uyghur Region. Despite stating a zero-tolerance policy for forced labor, reports indicate that Urban Outfitters has not provided sufficient evidence of its measures to prevent such practices, which carries significant reputational, ethical, and regulatory risks, especially with the U.S. ban on Uyghur cotton. The company's lack of transparency regarding labor practices and supply chain traceability further exacerbates this risk.

The rapid expansion and market dominance of ultra-fast fashion retailers like Shein and Temu. These platforms offer significantly lower price points, extremely rapid trend adoption, and direct-to-consumer models that directly compete with Urban Outfitters' various brands, particularly targeting younger, trend-conscious consumers who might otherwise shop at Urban Outfitters or Free People. This business model fundamentally disrupts traditional retail by offering comparable styles at a fraction of the cost and with unprecedented speed-to-market, pressuring sales and margins across the industry.

Urban Outfitters (URBN) operates in several lifestyle product categories, including fashion apparel, accessories, home goods, beauty and wellness products, and activewear. The addressable markets for these main products, primarily in North America, are substantial.

• Fashion Apparel: The North American apparel retail industry had total revenues of approximately $460.4 billion in 2022. Looking ahead, the North America apparel market is anticipated to reach USD 466.78 billion in 2025.
• Activewear: The North America activewear market was valued at USD 127.99 billion in 2024 and is projected to reach USD 267.68 billion by 2033. Specifically, the U.S. activewear market was valued at around USD 135.1 billion in 2024. The broader North America athleisure market, which blends athletic and casual wear, was valued at USD 124.58 billion in 2024 and is predicted to be worth USD 263.11 billion by 2033.
• Home Goods/Home Decor: The homeware market in North America accounted for over 40% of the worldwide revenue, with a market size of USD 566.1 billion in 2024. The U.S. home decor market alone generated revenues of USD 237.87 billion in 2024 and is expected to reach USD 392.55 billion by 2030. The North America Home Improvement Market, which includes household goods, furniture, and decor, stood at USD 348.96 billion in 2024 and is forecasted to reach USD 521.59 billion by 2033.
• Beauty and Wellness Products: The North America Beauty and Personal Care Products Market is estimated at USD 129.45 billion in 2025 and is expected to reach USD 157.12 billion by 2030. Another assessment puts the North America Beauty and Personal Care market size at USD 151.32 billion in 2025. The North America skincare market size is projected to grow from USD 115.65 billion in 2024 to USD 194.05 billion by 2032.

Urban Outfitters (URBN) is strategically positioning itself for future revenue growth over the next two to three years by focusing on several key drivers across its brand portfolio.

1. Continued Subscriber and Revenue Growth of Nuuly: Urban Outfitters' apparel rental and resale service, Nuuly, is a significant growth engine for the company. Nuuly has consistently demonstrated robust increases in active subscribers and revenue, with the brand reporting a 48% increase in third-quarter revenue in fiscal 2025. In the first quarter of fiscal 2025, Nuuly added over 50,000 new subscribers, contributing to a 51.4% increase in sales. The company is also investing in infrastructure, including a new fulfillment center, to triple Nuuly's operational capacity and accommodate future growth.
2. Accelerated Expansion and Performance of the FP Movement Brand: The activewear sub-brand, FP Movement, continues to be a strong performer for URBN. The brand saw its total revenues grow by 55% in the third quarter of fiscal 2024, with ambitious goals to reach $1 billion in annual revenue. In the second quarter of fiscal 2025, FP Movement delivered robust total growth of 30%, driven by a 14% retail segment comparable sales increase and 52% wholesale segment sales growth. Urban Outfitters plans to amplify this success through strategic store expansions, optimized store sizes, and expanded wholesale partnerships, with at least 25 new FP Movement stores planned for fiscal 2025.
3. Sustained Comparable Sales Growth and Strategic Retail Expansion in Anthropologie and Free People: The Anthropologie and Free People brands consistently deliver positive comparable retail segment sales. In the third quarter of fiscal 2025, both Anthropologie and Free People produced mid-single-digit positive retail segment comparable sales. Anthropologie achieved an excellent 6% retail segment comparable sales increase in Q3 fiscal 2025, marking its eighth consecutive quarter of double-digit operating income growth. Free People also delivered an outstanding quarter with global group sales increasing by 10%, driven by a 7% retail segment comparable sales increase and an 18% increase in wholesale segment revenues in Q2 fiscal 2025. The company's overall strategy includes opening 58 new stores and closing 21 in fiscal 2025, with a focus on strategic locations for brands like Free People, FP Movement, and Anthropologie.
4. Enhancement of Digital Channels and Direct-to-Consumer (DTC) Engagement: Digital sales remain a crucial component of URBN's growth strategy. The company has consistently reported high single-digit positive growth in digital channel sales across its retail segment. Investments in digital platforms, marketing, and customer engagement are driving this growth, contributing to overall comparable retail segment sales increases.