RH (formerly known as Restoration Hardware) delivered another stellar quarter that topped expectations despite supply chain disruption.
The luxe home furnishings retailer also reported that it will begin its global expansion in 2022 with the opening of RH England, at Aynhoe Park, a 73-acre historic estate in Banbury, England. RH said it has secured locations for stores (“galleries”) in London, Paris, Munich and Dusseldorf, and is in lease or purchase negotiations for ones in Milan, Madrid, Brussels and France.
Calling 2022 “the year of the new,” Chairman and CEO Gary Friedman detailed the company’s upcoming initiatives, which, in addition to the opening of its first global outpost, include the lift-off of RH1 & RH2, its customised Gulfstream G650ER and G550 that will be available for charter, and the christening of RH3, a luxury yacht that will be available for charter in the Mediterranean and Caribbean. The company will also open its delayed, first-ever boutique hotel, RH Guesthouse, in New York City, and unveil a new digital site, The World of RH.
“While our plans for fiscal 2020 and 2021 were delayed by the virus, make no mistake, they were not disrupted by it,” he stated. “Quite the contrary. We refused to shelter and shrink, not allowing our culture to be shaped by stay-at-home mandates, or let collaboration be replaced by Zoom calls and isolation. No leaders of Team RH made their summer home their permanent home. There were no debates if we would return to work, only discussions of when we could.”
