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1. Tiffany & Co. for luxury home furnishings.

2. Apple Store for high-end home decor.

3. The LVMH of home goods.

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• Furniture: A wide range of indoor and outdoor furniture for living rooms, dining rooms, bedrooms, and offices.
• Lighting: Chandeliers, pendants, lamps, and sconces for various spaces.
• Textiles: Luxury bedding, bath linens, throws, and decorative pillows.
• Decor & Art: Decorative objects, mirrors, wall art, and tabletop accessories.
• Rugs: Hand-knotted, hand-tufted, and flatweave rugs in various styles and materials.
• Bathware & Kitchenware: Fixtures, fittings, and accessories for bathrooms and kitchens.
• Interior Design Services: Personalized design consultations and space planning services to assist clients in furnishing and styling their homes.
• Hospitality & Dining: Operating luxury guesthouses, restaurants, and wine vaults within its design galleries, offering an immersive brand experience.

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RH (Restoration Hardware)

Customer Type: Primarily Individuals

Categories of Customers:

• Luxury Homeowners and High-Net-Worth Individuals: Customers who are affluent and seek high-end, curated home furnishings, decor, and design services for their primary residences or vacation homes. They value quality, distinct aesthetic, and brand prestige.
• Homeowners Undertaking Renovations or New Builds: Individuals who are furnishing new homes or undertaking significant remodeling projects and are looking for cohesive, sophisticated design solutions and durable, stylish furniture that aligns with RH's distinctive aesthetic.
• Interior Designers and Trade Professionals: While professionals, these customers purchase RH products on behalf of their individual clients. They utilize RH's extensive product catalog and design resources to furnish residential spaces for their discerning clientele.

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Gary Friedman, Chairman and Chief Executive Officer

Gary Friedman has served as Chairman and Chief Executive Officer of RH since January 2014, and is credited as the founder of the RH brand as it is known today. He previously held the role of Co-Chief Executive Officer and Director from July 2013 to January 2014, and Chairman and Co-Chief Executive Officer from May 2010 to October 2012. Friedman joined Restoration Hardware in 2001 as CEO, transforming the struggling retail brand into a luxury home furnishings company. Prior to RH, he spent 14 years at Williams-Sonoma, Inc., where he served as President and Chief Operating Officer from May 2000 to March 2001, and as Chief Merchandising Officer and President of Retail from 1995 to 2000. During his tenure at Williams-Sonoma, he transformed Pottery Barn from a $50 million tabletop business into a billion-dollar-plus home furnishings lifestyle brand. Friedman began his career as a stock clerk at Gap in 1977, working his way up to store manager and regional manager. In 2010, while Friedman was CEO, RH (then Restoration Hardware) was acquired by private equity firms Catterton Partners and Tower Three Partners before its re-launched IPO in 2012.

Jack Preston, Chief Financial Officer

Jack Preston has served as Chief Financial Officer of RH since March 2019, overseeing all financial functions including strategic and financial planning, accounting, treasury, tax, internal audit, and investor relations. He joined RH in 2013, having previously served as Senior Vice President, Finance and Chief Strategy Officer from August 2014 to March 2019, and Senior Vice President, Finance and Strategy from April 2013 to August 2014. Before joining RH, Preston worked for over 12 years at Bank of America Merrill Lynch, where he was a director in the consumer and retail investment banking group. In this role, he executed multiple financings for consumer and retail companies, including RH's initial public offering.

Eri Chaya, President, Co-Chief Merchandising & Creative Officer and Director

Eri Chaya has served as President, Co-Chief Merchandising & Creative Officer of RH since May 2025 and has been a member of the Board of Directors since 2012. She co-leads product curation and integration, brand creative, and business development for various RH brands. Her previous roles at RH include Co-President, Chief Creative and Merchandising Officer from May 2016 to November 2017, Chief Creative Officer from April 2008 to May 2016, and Vice President of Creative from July 2006 to April 2008. Prior to joining RH, Chaya was a creative director at Goodby, Silverstein and Partners, an international advertising agency, and a creative director at Banana Republic.

Lisa Chi, President, Co-Chief Merchandising & Creative Officer

Lisa Chi has served as President, Co-Chief Merchandising & Creative Officer of RH since May 2025. In this role, she co-leads product curation and integration, brand creative, and business development for RH Interiors, Modern, Outdoor, Baby & Child, and TEEN, across the company’s physical, digital, and print channels. Prior to her current position, Ms. Chi was the Chief Merchandising Officer at Arhaus, a role she held since July 2021. She also previously served as Senior Vice President of Merchandising for Upholstery at RH from March 2017 to June 2020.

Stefan Duban, Chief Gallery and Customer Officer

Stefan Duban has served as RH's Chief Gallery and Customer Officer since November 2021. He is responsible for the Global Operations of the Company’s Galleries, Interior Design, Hospitality, Trade, Contract, Outlet, and Gallery Optimization Teams. Mr. Duban began his career at RH in December 2000 as a part-time sales associate in a California gallery. Since then, he has held several leadership positions within the company, including Gallery Leader, Vice President of Home Delivery, Vice President and Regional Field Leader, and Chief Gallery Officer of RH.

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The public company RH (symbol: RH) faces several key risks to its business, primarily stemming from its exposure to macroeconomic cycles, significant financial leverage, and the operational complexities of its ambitious expansion strategies.

1. Exposure to Macroeconomic Headwinds and Cyclical Consumer Spending: RH's business is highly sensitive to broader economic conditions, particularly in the luxury housing market and discretionary consumer spending. Factors such as high interest rates, a cooling housing market, and general economic uncertainty directly impact demand for RH's high-end home furnishings. The company has experienced weak same-store sales growth and has acknowledged a "challenging housing market" impacting its revenue and operating margins.
2. High Debt and Financial Leverage: RH carries a substantial debt load and has demonstrated inconsistent cash flow generation, raising concerns about its financial flexibility and ability to service this debt, especially during economic downturns. Its leverage ratio has been noted as significantly higher than some counterparts, and the company has financed initiatives, including share repurchases, with largely variable-rate debt, increasing its exposure to interest rate fluctuations.
3. Operational Risks of Extensive Expansion Initiatives and Supply Chain Vulnerabilities: RH is simultaneously pursuing numerous business initiatives, including international expansion, real estate development for new Design Galleries and hospitality ventures, and a digital reimagination of its brand. The success of these capital-intensive endeavors is uncertain and exposes the company to operational risks, regulatory compliance costs, and currency fluctuations. Furthermore, a heavy reliance on foreign manufacturing and imports, with a significant portion of products sourced from Asia, makes RH vulnerable to risks such as trade restrictions, tariffs, geopolitical tensions, and increased raw material, energy, and transportation costs, which can disrupt supply chains and adversely affect product margins.

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The public company RH (symbol: RH) operates primarily in the luxury home furnishings market, offering a wide range of products including furniture, lighting, textiles, bathware, decor, and outdoor items, as well as products for baby and child. They also provide interior design services.

Addressable Market Sizes:

• Global Luxury Furniture Market: The global luxury furniture market was valued at approximately USD 38.76 billion in 2023 and is projected to reach USD 64.93 billion by 2032. Another estimate places the global luxury furniture market size at USD 31.06 billion in 2024, with a projection to reach USD 39.79 billion by 2030.
• United States Luxury Furniture Market: The United States luxury furniture market size was approximately USD 9.82 billion in 2024 and is estimated to grow to around USD 13.72 billion by 2034. Other projections estimate the market size at USD 9.89 billion in 2025, expected to reach USD 10.93 billion by 2030.
• Global Luxury Home Decor Market: The global luxury home decor market size was approximately USD 144.35 billion in 2024 and is predicted to grow to around USD 216.05 billion by 2034.

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RH (symbol: RH) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Global Gallery Expansion: RH plans aggressive expansion of its Design Galleries, Outdoor Galleries, and new concept galleries across North America and internationally. Specifically, the company anticipates opening seven North American Galleries and two international stores in Paris and London in 2025, with further international expansion to Milan in 2026. These "immersive" and "experiential" retail spaces, often integrating hospitality elements like restaurants and wine bars, are projected to boost sales and brand visibility. RH aims to open 7 to 9 new Galleries per year, plus 2 to 3 Design Studios, Outdoor Galleries, or New Concept Galleries annually.
2. New Product Introductions and Brand Extensions: RH is undergoing a significant product transformation, including the launch of a major new brand extension in Fall 2025, with products expected to appear in galleries in early 2026. This new brand extension is anticipated to considerably expand RH's market size and share, addressing a larger segment of the market. The company has also introduced new collections through updated RH Modern and RH Outdoor Sourcebooks in 2024.
3. Expansion into Interior Design Services and "Selling Spaces": RH is strategically shifting its focus from merely curating and selling products to "conceptualizing and selling spaces" with the goal of becoming the leading interior design firm globally. This includes the debut of RH Interior Design Studios, such as the one in Palm Desert, California, designed to attract high-caliber interior designers and affluent consumers. This strategy also encompasses the launch of RH Residences, offering fully furnished luxury homes, condominiums, and apartments with integrated services.
4. Growth of the Waterworks Brand: RH identifies a substantial opportunity to expand its Waterworks kitchen and bath fixtures brand, aiming to grow it from a $200 million business to potentially over $1 billion. This growth will be facilitated by integrating Waterworks showrooms into existing and new RH Galleries, with the Newport Beach gallery being the first example.
5. Elevated Brand Positioning and Market Share Gains: RH is committed to elevating and expanding its brand to be recognized as a global design authority at the high end of the luxury market. Despite challenging housing market conditions, the company expects to gain significant market share by offering an "exponentially more inspiring and disruptive RH brand" with a focus on luxury and unique experiences, which allows for pricing power. This overarching strategy supports the success of its other growth initiatives.

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Share Repurchases

• RH authorized an additional $2.0 billion for its common share repurchase program on June 2, 2022, bringing the total authorized to $2.45 billion.
• In fiscal 2023, RH repurchased approximately 3.9 million shares of its common stock for an aggregate of $1,261 million, at an average price of $321.28 per share.
• As of February 3, 2024 (fiscal year-end 2023), $201 million remained available for future share repurchases under the program.

Share Issuance

• No significant dollar amount of shares issued by RH for cash were identified over the last 3-5 years. While equity awards are granted, no substantial share issuances were reported as a capital allocation decision in the available information.

Inbound Investments

• No large investments made in RH by third-parties, such as strategic partners or private equity firms, were identified in the last 3-5 years. (Note: "RH Capital Partners," "Rh Capital," and "RH Strategic Communications" are distinct entities from the publicly traded company RH).

Outbound Investments

• RH quietly acquired three trade-focused brands: Dennis & Leen, Formations, and Michael Taylor Designs, with these deals finalized as of August 2025.
• In 2022, RH acquired upholstery powerhouse Dmitriy and Michigan-based furniture manufacturer Joseph Jeup.

Capital Expenditures

• Adjusted capital expenditures were $295 million in fiscal 2023 (ended February 3, 2024) and $269.356 million in fiscal 2024 (ended February 1, 2025).
• RH anticipates adjusted capital expenditures to be between $250 million and $300 million in fiscal 2024 and between $275 million and $325 million in fiscal 2025.
• The primary focus of capital expenditures is on growth and expansion, including the construction of new Design Galleries and infrastructure investments, particularly for international expansion in Europe (e.g., Paris, London, Milan).