US: Restoration Hardware to expand into apparel
High end home-furnishings retailer Restoration Hardware is to expand into apparel, accessories, footwear and jewellery as part of reorganisation plans aimed at setting the business up for future growth.
Current chairman and co-CEO Gary Friedman will become the founder, chairman, and CEO with control of the new company, called Hierarchy, which will develop the new lines.
Restoration Hardware will own a minority stake, but will also have the exclusive right to acquire each of the new businesses when they reach an appropriate level of maturity and profitability.
As part of the changes, Friedman will serve as creator and curator at Restoration Hardware, with a focus on strategy, creative, and design direction. The former William-Sonoma and Gap Inc executive will also remain its largest individual shareholder.
Carlos Alberini, co-CEO of Restoration Hardware, will become the sole CEO of the home-furnishings firm, while J Michael Chu, a managing partner at private equity firm Catterton Partners, will become chairman.
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