Urban Outfitters to launch a fourth brand
NEW YORK (Reuters) - Urban Outfitters Inc. (URBN.O), which already operates the Anthropologie, Free People and Urban Outfitters brands, said on Tuesday that it plans to launch a fourth brand early next year.
Chairman and President Richard Hayne said the new concept would appeal to men and women, and the stores would be inspired by the "greenhouse."
"Sites will be large and free standing. Merchandise will include lifestyle home and garden products combined with antiques, live plants and flowers," he said in a statement.
He said the company has an "outstanding opportunity" to serve the affluent consumer.
The company's namesake Urban Outfitters chain of 110 stores targets 18- to 30-year-olds, selling men's and women's clothing and home decor items like pillows and bedding.
Its Anthropologie chain, with 95 stores, targets women aged 30- to 45-years-old, and it sells clothing, furniture and home decor items like ceramics, candles and bath products.
Its Free People wholesale segment sells products to specialty stores, department stores and catalogs, and also has eight stores.
Shares fell 1 cent to $25.36 in late morning Nasdaq trading.
