New York( CNN Business) Warren Buffett must really like comfy sofas and beds. The Oracle of Omaha’s Berkshire Hathaway bought more than 1.2 million shares of high-end furniture retailer RH — aka Restoration Hardware — in the third quarter. It’s a brand-new location for Berkshire.
The investment does feel considering that Berkshire Hathaway ( BRKB)
likewise owns the Nebraska Furniture Mart, RC Willey Home Furnishings, Jordan’s Furniture and Star Furniture retail chains. So it’s clear that Buffett is a fan of the home furnishings business.
According to trade publication Furniture Today
, Berkshire’s furniture unit is the seventh-largest in the United States, with approximated sales of $2.1 billion in 2018. RH is a bit bigger, producing sale of $2.5 billion last year.