Urban Outfitters to Buy Vetri Restaurants
Two of Philadelphia’s best-known brands are set to become united. Urban Outfitters has agreed to buy the Vetri Family of restaurants. No sale price has been disclosed.
“Having known Marc for almost a decade and partnered with him through his charitable foundation, we are honored to have him, Jeff and the Vetri family join the URBN team,” said Richard A. Hayne, CEO of Urban Outfitters in a statement. “Spending on casual dining is expanding rapidly, and thus, we believe there is tremendous opportunity to expand the Pizzeria Vetri concept.”
Marc Vetri said in a statement that it’s a “perfect match.”
“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.”
At first glance, it may seem like a publicly traded fashion retailer and a small restaurant company would be strange bedfellows — but the two businesses have been connected for quite some time. In fact, Marc Vetri and Jeff Benjamin have been hoping to expand their Pizzeria Vetri concept beyond Philadelphia for quite some time, and recently signed a lease for an Austin location near the University of Texas campus. The landlord? You guessed it: Urban Outfitters.
Meanwhile, Vetri’s restaurants could become part of Urban Outfitters’ lifestyle village in Devon. That project is slated to include an Urban Outfitters store plus URBN-owned Terrain and Anthropologie. That project will likely have more than one Vetri Family restaurant.
Plus, both companies are headquartered in the Philadelphia Navy Yard.
The deal for the Vetri Family of restaurants includes: Amis Trattoria, Osteria, Pizzeria Vetri, Alla Spina and Lo Spiedo. Vetri, the organization’s first restaurant, will not be included in the sale.
Following the acquisition, Vetri and Benjamin will join URBN the company’s food-and-beverage operations. Along with running the Vetri restaurants, they’ll also run the company’s other food service operations, which includes locations at the Navy Yard, the two Terrain Cafes and Herald Square Café.
Representatives for Vetri and Urban Outfitters did not immediately return requests for comment.
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