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RH (NYSE: RH) has announced the acquisition of Dmitriy & Co and Jeup, Inc., establishing RH Couture Upholstery and RH Bespoke Furniture, respectively. The founders of both companies will join RH to spearhead these new brands. Additionally, Margaret Russell, former Editor in Chief of Architectural Digest, has been appointed as Chief Editorial Officer to lead RH Media. CEO Gary Friedman emphasized the strategic importance of these acquisitions in reinforcing RH’s presence in the luxury home furnishings market and transforming the interior design landscape.
Positive
Acquisition of Dmitriy & Co and Jeup, Inc. strengthens RH's position in luxury custom upholstery and furniture.
Creation of RH Couture Upholstery and RH Bespoke Furniture is expected to enhance brand offerings.
Margaret Russell's appointment as Chief Editorial Officer could bolster RH Media and its influence in design.
CEO's commitment to establishing RH as a luxury arbiter indicates strong growth ambitions.
Negative
None.
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
CORTE MADERA, Calif.--(BUSINESS WIRE)--
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.”
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.
