Last week, Restoration Hardware (RH) released its first-quarter financial results, revealing a huge revenue gain, which played a major role in reducing the company’s net loss from $3.7 million to $168,000. The company also announced two brand-new initiatives—RH Kitchen and Tableware and RH Antiquities.
“We are extremely pleased with our first quarter performance and financial results,” said Carlos Alberini, chief executive officer. “During the period, we delivered an increase in net revenues of 38%, comp store sales growth of 41%, and a significant improvement in profitability as we continued to invest in our infrastructure and new businesses to support our growth.”
On the same day, RH announced its intent to launch two new businesses, RH Kitchen and Tableware and RH Antiquities. “RH Kitchen and Tableware provides another logical opportunity for growth as we expand beyond our initial tableware offering and create a curated collection of kitchen furniture, appliances, lighting, cookware, tools, and food,” said Gary Friedman, Chairman Emeritus, creator and curator. “RH Antiquities will provide an opportunity to fill current customer demand with a curated collection of antiques as we enter this $25 billion highly fragmented market. These new businesses will further enhance our brand position and provide meaningful long-term growth opportunities."
Former Williams-Sonoma brand president, Richard Harvey, was appointed to develop a curated collection for the RH Kitchen and Tableware business.
“I am delighted to join Gary, Carlos and this innovative organization and am excited to have the opportunity to conceptualize a new and original expression of this business,” said Harvey.
RH Kitchen and Tableware, expected to launch in late 2014, will have meaningful representation in the company’s next generation Full Line Design Galleries and will be presented in a unique and distinctive catalog as well as featured online at rh.com.
This fall, RH plans to launch two new catalogs, RH Leather and RH Rugs. The new catalogs will include expanded and dominant collections presented in a dramatic and innovative context.
Also this fall, RH Contemporary Art, post the Rain Room exhibition will debut at the Museum of Modern Art in New York, with the inaugural exhibition "Autonomy" with existing and newly commissioned artworks by the Rain Room creators, rAndom International, in the new art gallery in the Meatpacking-Chelsea Arts District. RH will also launch a new online contemporary art platform, as well as an art journal.