Urban Outfitters has announced that it will be acquiring Philadelphia-based pizza restaurant chain Vetri Family Group.
Richard Hayne, Urban Outfitters' boss said: "Spending on casual dining is expanding rapidly, and thus, we believe there is tremendous opportunity to expand the Pizzeria Vetri concept."
In a statement Marc Vetri, founder of the Vetri Family group of restaurants, said the pair were a "perfect match" and that the two companies "share the same singular goal".
The move has baffled both shareholders and customers. Shares in Urban Outfitters’ parent group fell 10% on the back of the news.
