store brand
Posted by Sara Zucker on November 20, 2009 11:50 AM
While so many stores are shutting their doors, Urban Outfitters is opening more, based on their obvious appeal to early 20-somethings everywhere. Now it is looking to take on some new brands.
Earlier this week, clothing retailer Urban Outfitters put it out into the universe that it was looking to acquire a set of brands that may add upwards of $500 million to its annual revenue stream.
According to CFO John Kyees, the company is interested in brands sold at department or specialty stores, given the right opportunity -- but not brands that compete with its current holdings Anthropologie and Free People.
In its 39-year history, the retailer has made only one other acquisition, buying J. Franklin Styer Nurseries Inc. to sell garden products and outdoor furniture in Philadelphia. But now, things are a little different:
“We do take a look at a lot of deals,” Kyees, 62, said during the Nov. 16 interview. “We get calls on many things because we have money. We have cash, we have no debt, and we will consider many types of acquisitions.”
News of the company's expansion ambitions comes less than a year after the chain expanded to a large space at Philadelphia's Navy Yard, making it clear that UO was doing well despite the economy. Will The Secret hear it?
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