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Urban Outfitters, purveyors of skinny jeans and casual beanies, announced this morning it had acquired a majority of The Vetri Family group of restaurants.
One of the city’s most well-regarded chefs, Marc Vetri and his business partner Jeff Benjamin established the restaurant group, which includes Pizzeria Vetri, Osteria, Amis, Alla Spina, Vetri and Lo Spiedo, which is located in the Navy Yard along with the headquarters of Urban Outfitters.
“Spending on casual dining is expanding rapidly, and thus, we believe there is tremendous opportunity to expand the Pizzeria Vetri concept,” said Richard A. Hayne, CEO of Urban Outfitters in a statement. The retailer already operates a cafe at its two garden center stores, Terrain, located in Glen Mills, Pa. and Westport, Conn.
Philly.com reported Vetri, the restaurant group’s first business, is not included in the sale, although the deal does mean the retailer’s food and beverage brands will be managed by the Vetri Family. The acquisition will make Vetri Family a subsidiary of Urban with Vetri leading the helm as president and Benjamin as COO, according to the report.
“URBN and the Vetri Family share the same singular goal, we pride ourselves on bringing the best possible experience to our customers and community,” Vetri said in a statement. “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 of the deal were not disclosed. Messages left with Vetri and Urban asking for additional details were not immediately returned.
Agencies/Canadajournal
