RH Announces the Following Strategic Acquisitions and Hires to Accelerate the Brand’s Transformation and Climb up the Luxury Mountain
December 08 2022 - 4:06PM
Business Wire
The Acquisition of Dmitriy & Co, a To-the-Trade Custom
Upholstery Atelier and the Creation of RH Couture
Upholstery
The Acquisition of the Business of Jeup, Inc., a To-the-Trade
Custom Furniture Atelier and the Creation of RH Bespoke
Furniture
The Naming of Margaret Russell, Former Editor in Chief of
Architectural Digest and Elle Decor, as Chief Editorial Officer of
RH Media
RH (NYSE: RH) announced today the acquisition of Dmitriy &
Co, a To-the-Trade custom upholstery atelier, and the hiring of
Dmitriy founders, Donna and David Feldman, to create RH Couture
Upholstery, the acquisition of the business of Jeup, Inc., a
To-the-Trade custom furniture atelier, and the hiring of Joseph
Jeup to create RH Bespoke Furniture, and the hiring of Margaret
Russell, former Editor in Chief of Architectural Digest and Elle
Decor, to create RH Media, an editorial-content platform that will
celebrate the most innovative and influential people and ideas that
are shaping the world of architecture and design.
Gary Friedman, RH Chairman and Chief Executive Officer,
commented, “Today’s announcements, plus our previous acquisition of
Waterworks, firmly plant four RH flags at the very top of the
luxury mountain, and clearly state our intention of establishing RH
as an arbiter of taste and design in the To-the-Trade, luxury home
furnishings market.”
Mr. Friedman continued, “These brands and businesses,
thoughtfully integrated and amplified on what we believe will be
the world’s most innovative and dynamic global design platform,
will begin to fundamentally change the landscape of the interior
design industry.”
ABOUT RH
RH (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,
RHContemporary.com, RHModern.com, RHBabyandChild.com, RHTEEN.com,
and Waterworks.com.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the
meaning of the federal securities laws, including statements
regarding the following: the introduction of RH Couture Upholstery,
RH Bespoke Furniture and RH Media; the expected benefits to be
achieved from the acquisitions of Dmitriy & Co, and the
business of Jeup, Inc.; the expected benefits to be achieved from
the hires; the belief that RH is at the very top of the luxury
mountain; the intention of establishing RH as an arbiter of taste
and design in the to-the-trade, luxury home furnishings market; the
belief that these brands and businesses, thoughtfully integrated
and amplified on what we believe will be the world’s most
innovative and dynamic global design platform, will begin to
fundamentally change the landscape of the interior design industry;
the belief that RH Media will celebrate the most innovative and
influential leaders who are shaping the world of architecture and
design and any statements or assumptions underlying any of the
foregoing, and similar statements. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. 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,
that any acquisition of a new business is subject to operational
and other risks of integration and post-closing operation; risks
related to the global outbreak of the COVID-19 virus and its impact
on our business; risks related to civil unrest; risks related to
general economic conditions and the housing market as well as the
impact of economic conditions on consumer confidence and spending;
changes in customer demand for our products; our ability to
anticipate consumer preferences and buying trends; consumer
spending based on weather and other conditions beyond our control;
risks related to the number of new business initiatives we are
undertaking; our ability to obtain our products in a timely fashion
or in the quantities required; risks related to our sourcing and
supply chain including our dependence on imported products produced
by foreign manufacturers and risks related to importation of such
products, 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
RH’s most recent Form 10-K and Forms 10-Q filed with the Securities
and Exchange Commission, and similar disclosures in subsequent
reports filed with the SEC, which are available on our investor
relations website at ir.rh.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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221208006028/en/
PRESS: TruthGroup@RH.com
INVESTOR RELATIONS: InvestorRelations@RH.com
RH (NYSE:RH)
Historical Stock Chart
From Aug 2024 to Sep 2024
RH (NYSE:RH)
Historical Stock Chart
From Sep 2023 to Sep 2024