Gary Friedman is credited with turning around the furniture retailer, which was at the brink of ... [+] bankruptcy when he joined in 2001 and now has a $7 billion market cap. RHBusiness is booming for luxury furniture retailer RH and so is the net worth of CEO and largest shareholder Gary Friedman, whose fortune has nearly doubled to $2.5 billion this year, with $500 million added in just the past 24 hours. It has been chasing the type of margins befitting of a luxury retailer, and reported record adjusted operating margins of 21.8% in the latest quarter. It is now projecting operating margins of 20% in 2020, up from 7% in 2017 and 14.3% in 2019. “I don’t think there was an analyst on the street that had us at 20% operating margins in the next five years,” said Friedman.

Source: Forbes September 10, 2020 17:37 UTC