Gary Friedman on tariffs
From ‘Oh, sh—’: RH CEO reacts live to stock tanking on tariffs, poor earnings · · CNBC Television
“You know, it got hit when I think the tariffs came out. And you know, everybody can see in our 10-K where we're sourcing from. So it's not a secret. We're not trying to disguise it by putting everything in an Asia bucket. You can kind of figure it out and do the math.”
On , Gary Friedman, Chairman & Chief Executive Officer at RH, spoke about tariffs during ‘Oh, sh—’: RH CEO reacts live to stock tanking on tariffs, poor earnings on CNBC Television.
About Gary Friedman
During an April 2025 earnings call, Friedman reacted in real-time after being notified that RH's stock had fallen roughly 25% following the announcement of new tariffs and the company's earnings report. He stated that the stock "got killed because of" the tariffs and noted that the company's sourcing from China was disclosed in its 10-K filing, saying "it's not a secret." Friedman expressed that he felt worse for manufacturers and people invested in China who had "move manufacturing, move their lives." He also characterized the company's large inventory as a positive, saying "we happen to have a huge amount of inventory now," despite acknowledging that "the worst thing you could possibly have is inventory." Friedman has previously described RH's strategy as focused on long-term vision rather than short-term noise, stating the company does not have a marketing department but a "truth group" and does not maintain accounts on Instagram, Pinterest, or TikTok. He has emphasized the company's expansion into physical experiences, including restaurants, guesthouses, and a private jet, which he said are part of building an "ecosystem that elevates RH as a thought leader, a tastemaker, and a placemaker." He has also discussed the company's significant share buybacks, saying "we only bet on ourselves" and that "history would prove that we are generally, directionally right when we make bets of that size."