Restoration Hardware today announced a reorganization in order to develop new lines of business including apparel, accessories, footwear and jewelry. Chairman and CEO Gary Friedman will transition to become Chairman and CEO of Hierarchy, the first newly created company. He will be involved with Restoration Hardware in an advisory role with a focus on strategy, creative, and design direction. He will remain the largest individual shareholder of Restoration Hardware.
Carlos Alberini, Co-CEO of Restoration Hardware, will become Restoration Hardware's sole CEO and will lead all major functions of the business.
"The new structure provides a creative and efficient way to develop new businesses," said J. Michael Chu, a Managing Partner of Catterton Partners and Chairman of the Board of Restoration Hardware.
"Today's announcement supports our goal and belief that we can curate a lifestyle well beyond the four walls of the home," said Friedman. "It allows us to leverage our core capabilities to innovate, curate, and integrate new businesses and develop a brand that transcends typical models existing today. I am proud of the strong brand we have built, excited to pursue this new paradigm and partnership with Carlos, and passionate about imagining and creating a truly special business and brand."
Restoration Hardware will own a minority stake in Hierarchy and will have the exclusive right to acquire each of the new businesses when they reach an appropriate level of maturity and profitability.
Update: Friedman has stepped down from his positions after an internal inquiry into an intimate relationship he had with a 26-year-old female employee, according to an article in the New York Times.
News categoriesAll News >
The founders of Flaneur are anything but
New IG account @TheOldHouseBeautiful goes viral
Am I too old to start a career as a designer?
WestEdge Design FairPublic Design Show
Twenty First Gallery debuts new Tribeca location with designer Emmanuel BabledExhibition
Dutch Design WeekPublic Design Show
Plant Seven opening during High Point Market
Eddie Ross presents at Wood-Mode during Design Chicago
Circa Lighting hosts Veranda book signing
Meet Sandow's Robot-Powered Designer Tool Ready to Disrupt the Home Industry
How Brad Ford Cultivated a Community of Modern Makers
BDDW’s Tyler Hays is the Uncle of the Maker Movement
Why the Home Industry's Retail Strategy Isn't Working
- In Print
- Tag Sale
Fall Design Week Featuring Gift & HomeAmericasMart Atlanta
Lights.com Home Lighting CollectionLights.com
Pennoyer Newman Modern & Industrial CollectionPennoyer Newman