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What is Gary Friedman’s Net Worth and Salary?
Gary Friedman is an American businessman and retailer who has a net worth of $1.5 billion. Gary Friedman serves because the CEO and chairman of the upscale home-furnishings firm Restoration Hardware. A yr after he resigned attributable to allegations of inappropriate romantic relations with a feminine worker, he was reappointed. Before becoming a member of RH, Friedman held varied positions on the retail firm Williams-Sonoma, together with COO and president.
RH Stock Holdings
Gary is the biggest particular person shareholder of Restoration Hardware. With choices he owns round 30% of the corporate’s excellent shares. At varied factors Gary has been value as a lot as $5 billion. More just lately, with RH’s market cap hovering round $5 billion, his net worth has been within the $1.5 – $2 billion vary.
(Photo by Anthony Pidgeon/Getty Images for RH, Restoration Hardware)
Early Life
Gary Friedman was born on August 6, 1957 in San Francisco, California to a Jewish family. When he was 5 years outdated, his father handed away; he was subsequently raised by his mom in Sonoma. For his greater training, Friedman went to group college.
Career Beginnings
Friedman started his retailing profession when he was nonetheless a pupil in college. Initially working part-time at the clothes and accessories retailer the Gap, he ultimately labored his approach as much as turning into district after which regional supervisor. In the method, Friedman grew to become the youngest supervisor within the historical past of the Gap.
Williams-Sonoma
In 1988, Friedman joined the home-furnishings and kitchenware retailer Williams-Sonoma. He went on to carry a lot of positions over the course of his 13-year tenure on the firm by 2001, together with because the chief merchandising officer from 1992 to 2000. During that point, gross sales on the firm rose from $300 million to over $2 billion. Friedman additionally served because the director of retail shops for each Williams-Sonoma and its subsidiary Pottery Barn. In 1998, the corporate began to be listed on the New York Stock Exchange. In his closing yr at Williams-Sonoma, Friedman grew to become its president and COO.
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Restoration Hardware
After leaving Williams-Sonoma, Friedman joined one other upscale home-furnishings retailer, Restoration Hardware. He grew to become the corporate’s co-CEO in 2001, and in 2011 was appointed its president and CEO. During Friedman’s early years on the firm, RH was experiencing declining gross sales. Things grew to become much more precarious in 2007 when Sears Holding Corporation acquired a 13.7% share of the corporate, main some to fret about Sears trying a full takeover. However, this did not occur; as a substitute, RH accomplished a transaction with the worldwide investor Catterton Partners, and went personal in 2008. Four years after that, the corporate made its preliminary public providing. RH subsequently expanded its operations, making a small areas line and a tableware line, and likewise opening a gallery within the Back Bay neighborhood of Boston, Massachusetts.
In the summer time of 2012, Friedman was accused of getting inappropriate romantic relations with a 26-year-old feminine worker at RH. The allegations had been detailed in an unbiased report by the regulation agency Weil, Gotshal & Manges. In response, Friedman stepped down from his positions as chairman and CEO, and continued his relationship with the worker. He was ultimately reappointed as chairman and co-CEO of RH the next yr. Upon Friedman’s reappointment, the corporate bought unique rights to develop a brand new idea known as RH Atelier, which focuses on luxurious attire, footwear, jewellery, and different equipment. In 2014, RH made information by opening a brand new 70,000-square-foot retailer that includes a 50-foot infinite pool. Also that yr, the corporate considerably expanded its flagship retailer in New York.
Joshua Blanchard/Getty Images for RH
Real Estate
Gary Friedman owns a lot of unbelievable mansions, primarily in Southern California.
In January 2020 Gary paid $37 million for a five-bedroom mansion in Beverly Hills, California. Encompassing 11,000 sq. feet of land, it includes a bar, a fitness center, an infinity pool, a screening room, and a four-car storage. It additionally boasts a two-story skylight lobby. Outside within the again, there are extravagant gardens on show. He listed this residence on the market December 2023 for $44.95 million. Here is a video tour:
Perhaps in anticipation of his Beverly Hills mansion sale, in August 2023 Gary paid $26.7 million for mansion in Malibu. In December of that very same yr, Gary paid $28.5 million for an additional Malibu mansion situated simply 12 doorways up the road.
Gary beforehand owned a house in Saint Helena, California. He paid $5.95 million for the house in May 2013. He bought it in 2017 for $7.5 million after initially seeking $10.5 million. Here is a video tour of Gary’s former Saint Helena mansion:
All internet worths are calculated utilizing information drawn from public sources. When supplied, we additionally incorporate personal suggestions and suggestions obtained from the celebrities or their representatives. While we work diligently to make sure that our numbers are as correct as attainable, until in any other case indicated they’re solely estimates. We welcome all corrections and suggestions utilizing the button beneath.
