RHAs coronavirus began to sweep across America, putting much of the country in shutdown, luxury furniture retailer RH — formerly known as Restoration Hardware — executed a slew of cost cutting measures. Friedman, who joined the $2.6 billion (2019 sales) company in 2001, is now a billionaire worth an estimated $1.5 billion. But Friedman’s plan to leap from furniture retailer to global luxury brand has attracted its share of skepticism. Furthermore, its hotels will not use or display RH furniture; instead, they are designed to provide a luxury experience that elevates the overall RH brand. Friedman engineered its transformation into a luxury furniture brand, raising eyebrows with moves like increasing prices during the 2008 recession.

Source: Forbes June 25, 2020 10:52 UTC