What is Gary Friedman’s Net Worth and Salary?
Gary Friedman is an American businessman and retailer who has a net worth of $2 billion. Gary Friedman serves as the CEO and chairman of the upscale home-furnishings company Restoration Hardware. A year after he resigned due to allegations of inappropriate romantic relations with a female employee, he was reappointed. Before joining RH, Friedman held various positions at the retail company Williams-Sonoma, including COO and president.
RH Stock Holdings
As of this writing, Restoration Hardware is traded on the New York Stock Exchange and has a market cap of $7 billion. Gary is the company’s largest individual shareholder. With options he owns around 30% of the company’s outstanding shares. At various points Gary has been worth as much as $5 billion.
Early Life
Gary Friedman was born on August 6, 1957 in San Francisco, California to a Jewish family. When he was five years old, his father passed away; he was subsequently raised by his mother in Sonoma. For his higher education, Friedman went to community college.
Career Beginnings
Friedman began his retailing career when he was still a student in college. Initially working part-time at the clothing and accessories retailer the Gap, he eventually worked his way up to becoming district and then regional manager. In the process, Friedman became the youngest manager in the history of the Gap.
Williams-Sonoma
In 1988, Friedman joined the home-furnishings and kitchenware retailer Williams-Sonoma. He went on to hold a number of positions over the course of his 13-year tenure at the company through 2001, including as the chief merchandising officer from 1992 to 2000. During that time, sales at the company rose from $300 million to over $2 billion. Friedman also served as the director of retail stores for both Williams-Sonoma and its subsidiary Pottery Barn. In 1998, the company started to be listed on the New York Stock Exchange. In his final year at Williams-Sonoma, Friedman became its president and COO.
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Restoration Hardware
After leaving Williams-Sonoma, Friedman joined another upscale home-furnishings retailer, Restoration Hardware. He became the company’s co-CEO in 2001, and in 2011 was appointed its president and CEO. During Friedman’s early years at the company, RH was experiencing declining sales. Things became even more precarious in 2007 when Sears Holding Corporation acquired a 13.7% share of the company, leading some to worry about Sears attempting a full takeover. However, this didn’t happen; instead, RH completed a transaction with the global investor Catterton Partners, and went private in 2008. Four years after that, the company made its initial public offering. RH subsequently expanded its operations, creating a small spaces line and a tableware line, and also opening a gallery in the Back Bay neighborhood of Boston, Massachusetts.
In the summer of 2012, Friedman was accused of having inappropriate romantic relations with a 26-year-old female employee at RH. The allegations were detailed in an independent report by the law firm Weil, Gotshal & Manges. In response, Friedman stepped down from his positions as chairman and CEO, and continued his relationship with the employee. He was eventually reappointed as chairman and co-CEO of RH the following year. Upon Friedman’s reappointment, the company purchased exclusive rights to develop a new concept called RH Atelier, which focuses on luxury apparel, footwear, jewelry, and other accessories. In 2014, RH made news by opening a new 70,000-square-foot store featuring a 50-foot infinite pool. Also that year, the company significantly expanded its flagship store in New York.
Real Estate
Friedman resides in a five-bedroom mansion in Beverly Hills, California that he bought for $37 million. Encompassing 11,000 square feet of land, it features a bar, a gym, an infinity pool, a screening room, and a four-car garage. It also boasts a two-story skylight foyer. Outside in the back, there are extravagant gardens on display.