Home / Knowledge / News / Apparel/Garments / Restoration Hardware to create new company for apparel biz
Restoration Hardware to create new company for apparel biz
20
Aug '12
Restoration Hardware, an innovative luxury brand in the home furnishings marketplace, announced a reorganization of the Company. The purpose of the reorganization is to create a vehicle to incubate new lines of business to support the Company’s future growth, while enhancing the predictability and focus of the Company’s existing business model. Under the new structure, Restoration Hardware will maintain all existing home businesses, while a new corporation will be created to develop new lines of business, including apparel, accessories, footwear and jewelry, many of which will be complementary to the Company’s new product development strategy. 

Restoration Hardware, at its sole option, will have the exclusive right to acquire each of the new businesses when they reach an appropriate level of maturity and profitability. 

In order to execute this plan, the Company will reorganize its leadership team. Gary Friedman, the current Chairman and Co-CEO of Restoration Hardware, will become the Founder, Chairman, and CEO of Hierarchy, the newly created company. Mr. Friedman will control Hierarchy, with Restoration Hardware owning a minority stake. Mr. Friedman will continue to be involved with Restoration Hardware in an exclusive advisory role, serving as Creator and Curator for Restoration Hardware with a focus on strategy, creative, and design direction. 
 
Mr. Friedman will remain the largest individual shareholder of Restoration Hardware and will serve as a non-director advisor to the board in his role as Chairman Emeritus. Carlos Alberini, Co-CEO of Restoration Hardware, will become Restoration Hardware’s sole CEO and will lead all major functions of the business. Since joining the Company in 2010, Mr. Alberini has played a major role in transforming the Company into a leading luxury brand. 
 
J. Michael Chu, a Managing Partner of Catterton Partners, will assume the role of Chairman of the Board of Restoration Hardware. Mr. Chu stated, “We are very excited about today’s announcement, as it represents yet another significant milestone in the extraordinary transformation of Restoration Hardware. The new structure provides a creative and efficient way to develop new businesses. 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.” 

Must ReadView All

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Textiles | On 23rd May 2017

Grasim's VSF business net revenue up 12% in Q4 FY17

The viscose staple fibre (VSF) business of Grasim Industries has...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search