RH CEO Says Furniture Sellers Will Go Bust Without Discounts

The chief executive officer of luxury furniture retailer RH told analysts on Thursday that the industry needs to offer discounts to stay afloat amid a weak housing market.

Gary Friedman, who drew attention in April for his candid reaction to President Donald Trump’s wide-ranging tariff announcement, said upscale furniture makers are offering 30% to 40% promotions to lure shoppers in what he called “the third year of the worst housing market I’ve seen in my 38 years in this industry.” To remain competitive, RH has a membership program that offers lower prices to those who pay a $200 annual fee.