new galleries across U.S. and Europe, but in true form, chief executive officer Gary Friedman is already on to the next big thing.call that in 2024 he’s focused on expanding the Waterworks luxury bath and kitchen business RH bought in 2016 and amplifying the RH residential business. He also said he expects the California-based company to gain significant market share from its new
“We do expect the majority of the deferred revenue will be realized in 2024 when transit times normalize,” RH said. Looking ahead, RH is planning to cut the ribbon in 2024 on a 3,500-square-foot Waterworks Showroom within its newest and largest design gallery located in Newport Beach, Calif. The company is also in the process of developing a new Waterworks Sourcebook with plans for a test mailing in 2025. “Waterworks today is just shy of a $200 million business with mid-to-high teens EBITDA margin that we believe has the potential to become a billion-dollar global brand on our platform,” RH said.
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