Urban Outfitters' Nuuly is expected to be profitable by end of 2023. Here's how the company got here

Urban Outfitters Inc., or URBN launched a clothing rental subscription service, Nuuly in 2019. Despite similar services on the market, Nuuly has proven it can hold its own in a fairly new market, competing with Rent the Runway, which is older by a decade and struggling financially. Analysts predict Nuuly could add $1 billion in value to URBN in just 3 to 5 years.