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RH (company)

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Restoration Hardware
Company typePublic
NYSE: RH
IndustryHome-furnishing stores
FoundedIn 1979 in Eureka, California, United States
HeadquartersCorte Madera, California, United States
Key people
Stephen Gordon, Founder
ProductsFurniture
Linens
Paint
Hardware
Luxury Goods
Revenue$1,193M (FY2012) [1]
Number of employees
3,000 Full Time
WebsiteRestorationHardware.com
RHbabyandchild.com
Original Restoration Hardware store in Old Town Eureka, California.
A Restoration Hardware store in Naperville, Illinois

Restoration Hardware is an American furniture chain of home furnishings, furniture, lighting, tableware, bath fixtures and bathware, outdoor and garden products. The company's headquarters are located in Corte Madera, California. The company defines its wares as classic and authentic American. Restoration Hardware, Inc. sells its merchandise offering through its retail stores, catalog and online. [citation needed] As of 2013, the company operated 74 retail stores and 13 outlet stores in 30 states, the District of Columbia and Canada.[3]

History

The idea for the company came in 1979, while founder Stephen Gordon was restoring his Queen Anne style house in Eureka, California. He had great difficulty finding authentic period hardware and recognized a need in the marketplace. The first Restoration Hardware store opened in 1980.[4] The company had 47 stores when it went public in 1998; when it underwent a rapid expansion that doubled the number of stores in three years, the company began losing money and was forced to restructure and close some locations, including the original store located in the heart of Old Town Eureka.[4] From 2001 until his resignation in 2012,[5] Gary Friedman was the company's chief executive officer and chairman. Friedman was reappointed as Co-CEO and chairman in July 2013.[6] Friedman is the former president of Pottery Barn.

In November 2007, Sears Holdings Corporation announced the purchase of a 13.7% share of Restoration Hardware, prompting speculation that Sears Holdings may attempt a full takeover.[7]

In mid-2006 Restoration Hardware established a new brand, Brocade Home, that was sold in 2008. After the bursting of the United States housing bubble, the company was slated to close two stores in 2008, and open one in Canada. In June 2008, the company completed the transaction without Sears Holding, but instead with Catterton Partners. As of June 18, 2008, the company was no longer publicly traded.[8]

In June 2008, RH Baby & Child was officially launched via the website and catalog channels. As of January 31, 2011, five stores were to close: Atlanta, Georgia; Pacific Place Mall in Seattle, Washington; Park Meadows Mall in Denver, Colorado; Westfield Fashion Square in Sherman Oaks, California; Rolling Hills Estates, California; and Woodland Hills, California. In Miami, Florida, the location has in the Falls location with plans to close the Aventura Mall location. A larger three-story store is to open in the Design District early 2013. Time Magazine was critical of the company for its large catalog called the "Source Book"[9]

On November 1, 2012, Restoration Hardware underwent an initial public offering trading at $24 a share at its opening.[10] Restoration Hardware Holdings, Inc.'s common stock now trades on the New York Stock Exchange under the symbol RH.[11]

On March 7, 2013, Restoration Hardware opened an East Coast flagship store in Boston's Back Bay in a historic Romanesque Revival brick and brownstone structure that had been built in 1864 as the New England Museum of Natural History but later housed Bonwit Teller and Louis Boston clothing stores.[12] The Boston store features the first Ma(i)sonry tasting room outside of California.[13] Attendance at the opening-night reception ballooned past the building's 2,000-person occupancy limit, forcing the Boston Police Department to shut down the party.[14]

Current

The Spring 2006 Presentation, at the Restoration Hardware in South Coast Plaza. Grand Scale Roll Arm Sofa with Right Facing Chaise shown, in Natural Denim fabric.

Most of the company's products are of a style that recalls an early-20th-century New York, but it has recently added more modernistic products such as the German-designed Spritz series of bath faucets that recall the Bauhaus designs. It also carries its own line of paint with a selection of thirty-three colors, grouped into four shades each of yellow, green, blue, purple, brown, rose, three shades of white, and four shades of the company's signature Silver Sage.

Restoration offers hardware knobs, pulls, hinges, and hooks. The company has expanded its selection to include bathware, textiles, furniture and gallery lighting to appeal to a larger demographic. Lines are designed to match or complement one another in color and style. The company also carries a wide variety of toys, gardening tools, gadgets, and seasonal holiday decor, which maintain an overall 1920s period theme.

As of September 2010, company representatives declared a change in focus for the company. Gone are many of its previous merchandise categories (toys and books, for instance) and a reduction in hardware-based items. In an attempt to go further "up-market", the company has focused itself on furniture gallery offerings at higher price points to distinguish itself from competitors like Pottery Barn. Locations have begun adding the term "Gallery" to their marques to indicate the change.[15]

A newly remodeled and revamped selection of bath and bedding textiles, in the cool colors. Camden Arch bed shown.

Today, the company is straying away from the tools, toys and gadgets market and has focused on furniture quality and customer service.[citation needed] A newly expanded selection of living, bedroom, dining, office, bath, and outdoor furniture, bath textiles, and bed linens are the company's core. A notable change for the company is the outsourcing of furniture manufacturing.[16] Other staples like bed linens are made in Italy, and bath textiles are made in Turkey.

Competitors

References

  1. ^ http://finance.yahoo.com/q?s=RH&ql=0
  2. ^ http://www.northbaybusinessjournal.com/76239/business-news-week-of-july-15-2013/
  3. ^ =[1] RestorationHardware.com. Retrieved June 29, 2012.
  4. ^ a b http://articles.latimes.com/2001/mar/23/business/fi-41574
  5. ^ Sorkin, Andrew Ross (August 16, 2012). "Restoration Hardware Co-Chief Steps Down After an Inquiry". DealBook (blog of The New York Times). Retrieved August 16, 2012.
  6. ^ Hsu, Tiffany. "Reporter". LA Times. Retrieved 10 July 2013.
  7. ^ Sarker, Pia (November 20, 2007). "Sears Eyes Restoration Hardware". TheStreet.com. Retrieved August 17, 2012.
  8. ^ Press release (June 17, [2008]). Restoration Hardware Completes Sale to Catterton Partners. Restoration Hardware (via PR Newswire). Retrieved August 17, 2012.
  9. ^ http://business.time.com/2012/09/19/what-was-restoration-hardware-thinking-putting-out-a-992-page-catalog/
  10. ^ http://online.barrons.com/article/SB50001424052748704755304578622080342139470.html?mod=BOL_twm_fs
  11. ^ http://online.wsj.com/article/BT-CO-20121101-721216.html
  12. ^ http://www.boston.com/business/2013/03/05/restoration-hardware-opens-new-flagship-store/jcRuoIxFomy9Gh8ygFMF5N/pictures.html
  13. ^ Wolfe, Alyssa. "Restoration Hardware unveils a new Boston store, RH Gallery". Daily AD. Architectural Digest. Retrieved 18 April 2013.
  14. ^ http://www.bizjournals.com/boston/blog/mass_roundup/2013/03/restoration-hardware-opening-party.html?ana=fbk
  15. ^ Irwin, Tanya (September 13, 2010). "Restoration Hardware Reinvents Itself". MediaPost. Retrieved August 17, 2012.
  16. ^ http://consumerist.com/2008/08/11/restoration-hardware-shifting-nearly-all-of-its-furniture-production-to-china/
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