Early Life
Richard Hayne was born on May 26, 1947, in Bryn Mawr, Pennsylvania, and grew up in the Philadelphia suburbs. He developed an interest in countercultural trends, which later influenced his retail vision. Hayne graduated from Lehigh University in 1969 with a degree in anthropology.
Rise to Success
Hayne co-founded Urban Outfitters in 1970 with Judy Wicks. The first store, initially named Free People, was located near the University of Pennsylvania. Over the years, Hayne expanded the company, launching brands like Anthropologie and Free People, turning Urban Outfitters, Inc. into a diversified retail powerhouse. He became CEO in 2012, after Glen Senk's retirement, and has since overseen the company's continued growth, which now includes over 400 stores.
Key Business Strategies
Hayne's strategy has always focused on selling a cultural aesthetic. He catered to young consumers with eclectic, vintage-inspired styles and home goods. Through brands like Anthropologie and Free People, he tapped into older and more affluent markets, making Urban Outfitters a successful specialty retailer. His innovative leadership kept Urban Outfitters at the center of youth culture for over five decades. His compensation includes a base salary of $1 and a performance-based bonus.
Philanthropy
Richard Hayne is married to Margaret Hayne, who has also been deeply involved in the business. The couple resides in Coatesville, Pennsylvania, where they operate the Doe Run Dairy farm. They support local cultural and educational institutions. Hayne has been a member of Drexel's board of trustees since 1996 and one of its vice chairs. In 2009, he made a significant donation to Drexel for the Antoinette Westphal College of Media Arts & Design. He also supports the Laurence A. Baiada Center for Entrepreneurship at Drexel's Charles D. Close School of Entrepreneurship.
