Carlos Alberini to Serve as Co-CEO
RH Announces Plans to Develop RH Atelier
CORTE MADERA, Calif.--(BUSINESS WIRE)--Jul. 3, 2013--
RH (Restoration Hardware Holdings, Inc - NYSE: RH) today announced that
Gary Friedman, the Company’s Chairman Emeritus, Creator and Curator, has
been reappointed Co-Chief Executive Officer and Chairman of the
Company’s Board of Directors effective immediately. Mr. Friedman will
return to his prior role at the Company alongside Carlos Alberini, who
has also been named Co-Chief Executive Officer. Mr. Friedman and Mr.
Alberini together will lead and collaborate on all key strategic
decisions impacting the Company.
In addition, the Company also announced that concurrent with Mr.
Friedman’s appointment, RH has acquired the exclusive right to develop
Hierarchy. The new concept will be rebranded as RH Atelier and will
focus on the development of luxury apparel, accessories, footwear, and
jewelry, and be integrated and launched on the RH platform.
Michael Chu, Former Chairman of RH commented, “Gary’s unique vision,
creativity and passion have been invaluable to the growth and
transformation of RH. Gary and Carlos are a tremendous team and together
have made significant contributions to the success of the Company. On
behalf of our Board of Directors, we are excited about the future growth
and evolution of the RH brand under their leadership."
Carlos Alberini, Co-Chief Executive Officer, stated, “During the last
few years, Gary and I have built an incredible partnership. Gary is a
visionary with amazing talents who has led the extraordinary
transformation of RH into one of the leading luxury brands in the market
today. On behalf of our leadership team, I am thrilled to welcome Gary
back into this role and look forward to the opportunity to continue this
Gary Friedman, Chairman, Creator, Curator & Co-Chief Executive Officer,
commented, “I am honored to be rejoining Carlos, and the entire RH team
in our quest to create the most innovative and inspiring brand in the
industry. This team's ability to curate and integrate new products,
businesses and experiences, then scale them across our multi-channel
platform has enabled us to build one of the fastest growing brands in
Regarding the launch of RH Atelier, Mr. Friedman stated, “RH Atelier
will be a curated, artisan crafted luxury apparel and accessories brand
that will launch with its own distinct catalog, and be integrated into
the Company's next generation Full line Design Galleries and Web
experience. The brand will be based in New York City, with a satellite
office in our RH Center of Innovation and Product Leadership in Corte
Madera, CA." Mr. Friedman continued, "RH Atelier will position the
Company for continued long term growth, and demonstrates our belief that
we can curate a lifestyle well beyond the four walls of the home."
Prior to his appointment to the role of Chairman Emeritus, Creator and
Curator, Mr. Friedman served as Chairman and Co-Chief Executive Officer
of Restoration Hardware from June 2010 to October 2012 and served as the
Company’s Chief Executive Officer since March 2001. Prior to joining the
Company, Mr. Friedman spent 13 years at Williams-Sonoma, Inc., where he
served as President and Chief Operating Officer from 2000 to 2001, as
Chief Merchandising Officer and President of Retail Stores from 1995 to
2000 and as Executive Vice President of the Company and President of the
Williams-Sonoma and Pottery Barn brands from 1993 to 1995. Previously,
Mr. Friedman spent 11 years with The Gap, Inc., a specialty retailer, in
various leadership positions.
Carlos Alberini was appointed Chief Executive Officer of RH in October
2012. Prior to that, he served as Co-Chief Executive Officer upon
joining the Company in June 2010. Mr. Alberini has served as a Director
of the Company since June 2010. Prior to joining the Company, he was
President and Chief Operating Officer of Guess?, Inc., a publicly traded
specialty retailer of apparel and accessories, from December 2000 to
June 2010. From October 1996 to December 2000, Mr. Alberini served as
Senior Vice President and Chief Financial Officer of Footstar, Inc., a
footwear retailer. From May 1995 to October 1996, Mr. Alberini served as
Vice President of Finance and Acting Chief Financial Officer of the
Melville Corporation, a retail holding corporation. From 1987 to 1995 he
was with The Bon Ton Stores, Inc., an operator of department stores, in
various capacities, including Vice President, Corporate Controller and
Senior Vice President, Chief Financial Officer. Prior to that, Mr.
Alberini served in various positions at PriceWaterhouseCoopers LLP.
About Restoration Hardware Holdings, Inc.
RH (Restoration Hardware Holdings, Inc. - NYSE:RH) is a curator of
design, taste and style in the luxury lifestyle market. The Company
offers collections through its retail galleries, source books, and
online at RH.com.
This release contains forward-looking statements within the meaning of
the federal securities laws, including statements relating to the launch
of RH Atelier and the expected benefits of RH Atelier to the Company.
You can identify forward-looking statements by the fact that they do not
relate strictly to historical or current facts. These statements may
include words such as “anticipate,” “estimate,” “expect,” “project,”
“plan,” “intend,” “believe,” “may,” “will,” “should,” “likely” and other
words and terms of similar meaning in connection with any discussion of
the timing or nature of future operating or financial performance or
other events. We cannot assure you that future developments affecting us
will be those that we have anticipated. Important risks and
uncertainties that could cause actual results to differ materially from
our expectations include, among others, recent changes in general
economic conditions and the impact on consumer confidence and consumer
spending, changes in customer demand for our products, our ability to
anticipate consumer preferences and buying trends, risks related to the
number of new business initiatives we are undertaking, risks in the
implementation or our real estate portfolio transformation, delays in
store openings, as well as those risks and uncertainties disclosed under
the sections entitled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in our Form
10-K filed with the Securities and Exchange Commission on April 29, 2013
and available on our investor relations website at ir.restorationhardware.com
and on the SEC website at www.sec.gov.
Any forward-looking statement made by us in this press release speaks
only as of the date on which we make it. We undertake no obligation to
publicly update any forward-looking statement, whether as a result of
new information, future developments or otherwise, except as may be
required by any applicable securities laws.
Source: Restoration Hardware Holdings, Inc.
Restoration Hardware Holdings, Inc.