Urban Outfitters acquires group of restaurants
The retail company Urban Outfitters has entered an agreement to acquire "substantially" the Philadelphia-based Vetri Family group of restaurants, including Pizzeria Vetri, for an undisclosed sum.
The venture into the hospitality business comes as a move to grow Urban Outffiters’ portfolio and reinvigorate its brand. “Spending on casual dining is expanding rapidly, and thus, we believe there is tremendous opportunity to expand the Pizzeria Vetri concept,” said Richard Hayne, CEO of Urban Outfitters.
The specialty retailer, which has stores in North America and Europe and whose portfolio includes retailers Anthropologie and Free People, will now head The Ventri Family group of restaurants and focus on its growth.
“It’s a perfect match,” said Partner/Chef Marc Vetri. “URBN 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.”
The Ventri Family was created and co-headed by James Beard, Marc Vetri and Jeff Benjamin. Its restaurant portfolio includes Vetri (established in 1998), Osteria, Amis Pizzeria Vetri, Los Piedo and Alla Spina.
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