Restoration Hardware Inc. is exploring the launch of a new brand expected to be tested with the introduction of a new catalog in the fall of 2006 or the spring of 2007.
Heading this initiative will be Lisa Versacio, who has joined the company as senior vice president of new business development. She previously worked for five years at Williams-Sonoma where she developed and launched the West Elm concept. In a statement, the company said it expects to incur expenses of approximately $1 million this year related to the launch.
For the first quarter ended April 30, the Corte Madera, CA-based retailer and cataloger reported net revenue of $117.5 million, an increase of 19% from the $98.9 million posted for the same period last year.
Direct-to-customer net revenue was up 50% to $32.8 million in the quarter, versus $21.9 million in the prior year quarter.
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