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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.” 

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