Not content with simply selling cassette tapes and vinyl records alongside $100 sweaters with holes in them, faux-bohemian retail chain Urban Outfitters is apparently planning to corner the market on all the things that hip youngsters like to get pseudo-ironically tattooed on themselves. In other words, Urban Outfitters is getting into the pizza business.
This news comes courtesy of Vice, which reports that Urban Outfitters’ parent company URBN recently purchased the Philadelphia-based Vetri Family restaurant group, which specializes in classy Italian joints. (The family’s flagship restaurant, Vetri, is not included in the sale.) Specifically, URBN wants to expand the eponymous Pizzeria Vetri brand; CEO Richard A. Hayne says in a statement, “Spending on casual dining is expanding rapidly, and thus, we believe there is tremendous opportunity to expand the Pizzeria Vetri concept.”
Investors aren’t so sure, however, and UO stocks reportedly went down 8 percent after news of the sale broke yesterday. Oh well—if the whole pizza thing doesn’t work out, it could always buy Shake Shack.