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Urban Outfitters Just Acquired A Restaurant Ahead Of Its Q3 Earnings Call

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  • Shares of Urban Outfitters, Inc. (NASDAQ: URBN) lost more than 4 percent on Monday ahead of the company's scheduled release of its third quarter results after market close.
  • Urban Outfitters announced it acquired The Vetri Family group of restaurants, including Pizzeria Vetri.
  • Urban Outfitters said it was attracted to the "rapidly" expansion in casual dining.

Urban Outfitters, the specialty fashion and lifestyle retailer that owns and operates the Anthropologie, Bhldn, Free People, Terrain and Urban Outfitters brands, announced on Monday it has entered into an acquired to acquire The Vetri Family group of restaurants.

The Vetri Family group is run by Chef Marc Vetri who won the James Beard Award for "Best Chef: Mid-Atlantic" in 2005. He was also named one of Food & Wine magazine's "Ten Best New Chefs," and was the recipient of other awards and recognition.

Urban Outfitters' CEO Richard Hayne justified the retailer's move into the dining space, noting in a press release that "spending on casual dining is expanding rapidly." The executive added there is "tremendous opportunity" to expand the chain of restaurants, particularly the Pizzeria Vetri concept that offers consumers personalized pizza choices in its custom-made, wood fired oven.

The Vetri Family group of restaurants, like Urban Outfitters, traces its roots to Philadelphia.

"It's a perfect match," Chef Marc Vetri also said in the press release. "Urban Outfitters and the Vetri Family share the same singular goal, we pride ourselves on bringing the best possible experience to our customers and community. Through this partnership, and the experience URBN has in scaling growth opportunities, the Vetri Family will now be able to focus on what we do best – run restaurants that make people happy."

Financial terms were not disclosed by Urban Outfitters, likely indicating that the company doesn't expect results from the acquisition to be material to its operations.

Urban Outfitters Already Operates A Café

Urban Outfitters' acquisition of The Vetri Family group of restaurants isn't its first foray into the restaurant segment. The company introduced UO Café in its New York City's shop back in June. According to AM Network, UO Café also sells coffee beverages, salads, and sandwiches. Other items for sale include organic and natural snacks along with a selection of kettle chips including Sriracha flavor and Bloody Mary flavor.

Posted-In: Casual Dining Marc Vetri Richard Hayne The Vetri Family Group Of RestaurantsNews Restaurants M&A General

 

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