Buffett-backed Restoration Hardware is betting a mysterious 'Guesthouse' will put it on the luxury map

Get the Full StoryAP Images

Restoration Hardware is betting a mysterious "Guesthouse," set to open in Manhattan next year, will elevate its brand and help it to compete with the world's biggest luxury labels.

The high-end furniture maker which Warren Buffett's Berkshire Hathaway invested 206 million in last quarter is "doing something that I think nobody can imagine," CEO Gary Friedman said, adding that the property won't feature any of its products.

The likes of Herm s and Chanel were "born at the top of the luxury mountain" and "don't really want you to make that climb," Friedman said.

View Business Insider's homepage for more stories.

Restoration Hardware is betting a mysterious "Guesthouse" set to open in Manhattan next year will elevate its brand and help it to compete with the world's biggest luxury labels.

The high-end furniture maker which Warren Buffett's Berkshire Hathaway invested 206 million in last quarter is "doing something that I think nobody can imagine," CEO Gary Friedman said on the group's third-quarter earnings call Wednesday.See the rest of the story at Business InsiderNOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruptionSee Also:This map shows how the US really has 11 separate 'nations' with entirely different culturesGoogle cofounders Larry Page and Sergey Brin are stepping down. Here's how they built a combined 123 billion fortune and how they spend it, from trapeze lessons to a 600-foot 'air yacht'Chipotle has nurses check if workers who call in sick are just hungover

Share: