Restoration Hardware shakes up exec structure to pursue new areas
HTT Staff -- Home Textiles Today, 8/15/2012 11:57:31 AM
Corte Madera, Calif. - Restoration Hardware is reorganizing its business, creating a new corporation that will develop businesses in apparel, accessories, footwear and jewelry.
RH chairman and co-ceo Gary Friedmen will be come founder, chairman and ceo of the new company, which is titled Hierarchy. RH will own a minority stake in the company and has the exclusive right to acquire each of the new businesses developed by Hierarchy.
Friedman, who is RH's largest individual shareholder, will serve as an advisor to the nameplate with an emphasis on strategy, creative and design direction. Officially, he will become RH"s creator and curator and will act as a non-director advisor to the board as chairman emeritus.
Carlos Alberini, co-ceo of Restoration Hardware, will become sole ceo and will lead all major functions of the business. He joined the company in 2010 after holding senior roles in Guess Inc. as well as Footstar, Melville Corporation, The Bon-Ton Stores and PriceWaterhouseCoopers.
J. Michael Chu, a managing partner of Catterton Partners - which jointly controls RH along with Tower Three Partners - will become chairman of the RH board.
"The new structure provides a creative and efficient way to develop new businesses," said Chu. "Gary Friedman, who transformed Restoration Hardware into an admired lifestyle brand in the luxury home market, has demonstrated the ability to re-conceptualize and build some of the most successful brands in the industry, and his continued efforts to drive innovation at Restoration Hardware will be invaluable."