New York -- Restoration Hardware Holdings said that co-CEO Carlos Alberini is resigning, effective January 31, to become the chairman and chief executive of Lucky Brand Jeans. The move comes just days after Fifth & Pacific Cos. entered into an agreement to sell Lucky Brand to private equity firm Leonard Green & Partners.
“I have been presented with an opportunity to fulfill my lifelong dream to run and build a company, Alberini said. “Leaving RH has been one of the most difficult decisions I have ever made in my career. Gary and I have built an extraordinary relationship, which I treasure and will miss. I am honored and thrilled that I will continue to have the opportunity to serve on the Board, and plan to remain a significant shareholder in what I believe will be recognized as one of the greatest retail stories of all time.”
Co-CEO Friedman said the company is developing a transition plan and will begin a search for Alberini replacement shortly.
The announcement was made as Restoration Hardware raised its fiscal year guidance and reported that its fiscal third-quarter earnings surged as same-store sales climbed 29%.