“I think the Fed really understands what they have to do in the end,” Friedman said.
So even if that means losing market share to competitors like West Elm and Wayfair, we haven’t seen, and won’t see, heavy discounts at RH or Labor Day redline sales. you won’t be able to
“While people were running around trying to pick up apples that had fallen on the ground, we figured out how to create an apple harvesting company,” he said. “It’s another game we’re playing.”
With a market capitalization of over $6.2 billion, RH (formerly Restoration Hardware) is at a major turning point as a luxury lifestyle brand with a strong focus on hospitality. The company’s new hotel, He RH Guest House, is certainly one of the most expensive hotels in the city. No online booking, no photography allowed, no lobby. Also, no pets or children. Rooms from $3,500 per night, suites from $7,500 per night. The restaurant in the same space will be RH’s 15th store.
Friedman said guests can find a delicious breakfast here. “Usually you don’t find good breakfasts in this town, at least that’s what I believe,” he said on Thursday’s earnings call.
Friedman appeared confident in his long-term strategy and said he was well-prepared to weather the economic turmoil next year.
“We’ve had storms before…we’ve had great depressions before,” he said. “Many others will trip and fall.”
And while economists are divided on whether the U.S. is in recession (officially, a recession is determined by the National Bureau of Economic Research’s group of economists), Friedman said: I think the recession is already well underway.
“Anyone who thinks we’re not in a recession is crazy,” Friedman told analysts. “The housing market is in recession and it’s just beginning. So maybe in our industry he’s going to have a tough 12-18 months. But now is the time when he can really make a profit.” is.”