Chef Vetri Defends Sale Of Restaurant To Urban Outfitters
Many Urban Outfitters' investors had to re-read the headlines that reported the company acquired a group of restaurant concepts. However, the company's commentary and Wall Street's analysis may have eased investor concerns, as Urban Outfitter's stock has rebounded from a multi-year low of $19.26 on November 13 to $23.25 by early Friday afternoon.
Urban Outfitter justified the acquisition in a press release, noting, "Spending on casual dining is expanding rapidly." Liz Pierce of Brean Capital argued following the announcement that the price tag on the acquisition was likely less than $20 million, representing a "drop in the bucket" for the retailer that is valued at nearly $3 billion.
Chef Marc Vetri: Urban Outfitters Will 'Help Us Grow'
In an interview with Philadelphia Eater, Chef Marc Vetri explained why he sold his restaurant to Urban Outfitters and added why the acquisition makes sense for the retailer.
According to Vetri, the restaurant chain will act as one of many brands under Urban Outfitters' umbrella. The head chef added that just like the Anthropology and Free People brands, he will continue operating the business autonomously.
"Urban's got something called Shared Services, where they basically support the brands," the acclaimed chef said. "We're our own brand at Urban Outfitters, the Vetri Family, we're going to run all the food and beverage operations for Urban Outfitters, and you know, we have the luxury of having the Shared Services to basically support us and to help us to grow."
Vetri added, "They're awesome at things we don't know a lot about, so it's a great marriage."
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