RH (formerly Restoration Hardware) sells luxury home furnishings, with furniture — sofas, upholstery, case goods, outdoor furniture, and lighting — accounting for roughly 80% of revenue. RH targets wealthy and ultra-high-net-worth consumers, positioning itself as a design authority rather than a conventional furniture retailer. RH sells through large-format Design Galleries (typically 30,000–50,000 sq ft), a print Sourcebook catalog, rh.com, and direct trade sales to interior designers and commercial developers. As of early 2026, RH operated 45 Design Galleries in North America and 6 in Europe, plus 44 outlet stores and 14 Waterworks showrooms. A defining feature of the business model is the RH Members Program, where customers pay an annual fee to receive a 30% discount on all products plus complimentary design services — roughly 97% of core sales run through members. RH also embeds restaurants and wine bars in 25+ gallery locations, which management argues drives foot traffic and offsets gallery rent costs. Interior design services and Waterworks, a luxury bath and kitchen fixture brand, round out the business. RH is in an active investment phase, building galleries in Paris, Milan, and London to establish global brand presence, while also developing new, more capital-efficient formats — Design Compounds and Design Ecosystems — in North America. RH's spring 2026 product launch, RH Estates, targets the traditional/classic aesthetic segment of the luxury market using several acquired custom furniture brands. The company carries ~$2.4B in net debt and is prioritizing debt reduction through asset monetization and growing free cash flow.