I am not the target market for Restoration Hardware, I mean RH. But I do think it is interesting the way they are evolving their brand. At the beginning of 2021, the company announced a $105 million equity investment in a development project in Aspen, where it is planning a new guesthouse and, more broadly, a new "RH ecosystem" that will include residences, restaurants, a spa, etc. It hasn't opened yet, but RH does now have a guesthouse in New York. To be clear, it is not a hotel:

So what is RH trying to do with all this?

Surface Magazine recently argued that they are trying to become the "public" version of Soho House. That is, a lifestyle omni-brand that isn't membership-based, but that will still make you feel rich and special while you eat, sleep, play, and shop for various things for your home. Now, I do think that their target customers aren't exactly the same person. But of course, I see the parallels. And it's certainly interesting from an experiential retail, brand ecosystem, and real estate development standpoint. It gets the brand everywhere.

So Soho House went public this week. It is now trading on the NYSE under the ticker $MCG. It renamed itself the Membership Collective Group Inc. for the IPO given the myriad of brands that the company now operates. The company went public at $14 a share and with a $2.8 billion valuation. It raised $420 million through the offering.

My first reaction when I heard the news was that going public is maybe at odds with being a cool, urban, and exclusive membership club. We're all about creatives; also, buy our stock. But maybe I'm wrong. This is just the company maturing. At 26 years old, the company now has some 119,000 members and has 30 Soho Houses around the world in 12 different countries.

Full disclosure: I am a member and a big fan of Soho House.

But now that the company is public, we also know that it has never turned a profit. And it hopes to do that by next year, as well as open some five to seven new Soho Houses each year while trying to remain "asset light". As the company does this and pushes toward profitability, there is, of course, a very natural question about what that does to the experience and the overall brand.

Does it get diluted at all?

I don't think that necessarily needs to be the case. But of course the company will end up evolving. On a related note, if anyone from Soho House / MCG is reading this post (unlikely), I would love to connect about an opportunity here in the Toronto area. I think it has the potential to become something truly remarkable -- not to mention, much needed. I can be reached, here.

The story of the Hunt House in Malibu, California -- as recounted here by Soho House -- has me wanting to serendipitously stumble upon an underpriced midcentury architectural gem along the coast of the Pacific Ocean so that I can spend my weekends fastidiously restoring it to its former splendor.

I have already started looking.

Originally built in 1957, the Hunt House at 24514 Malibu Road was designed by California modernist Craig Ellwood. It was the 1,400 sf weekend home of Dr. Hunt and his wife Elizabeth. Like many of the homes on this street, the minimalist entrance and front facade ultimately step down into a grand waterfront space. Photos and video tour, here.

The current owners, architect Diane Bald and her husband Michael Budman, discovered the house while driving the coast in search of a rental. The Hunt House was marked as for rent or for sale. They rented it immediately.

After four years in the house, an evil developer ended up buying the house with the intent of knocking it down and building something new. But he allowed them to remain living there during entitlements.

Turns out it's hard to build in Malibu, and so after another four years, he gave up and said, “you know what Diane? You’re the rightful owner of this house, I will never be able to build what I want." (Quote from Soho House.) It is at this point that Diane bought the house and began restoring it.

That process was documented here on Instagram.

Top Image: Richard Powers via Soho House

I am not the target market for Restoration Hardware, I mean RH. But I do think it is interesting the way they are evolving their brand. At the beginning of 2021, the company announced a $105 million equity investment in a development project in Aspen, where it is planning a new guesthouse and, more broadly, a new "RH ecosystem" that will include residences, restaurants, a spa, etc. It hasn't opened yet, but RH does now have a guesthouse in New York. To be clear, it is not a hotel:

So what is RH trying to do with all this?

Surface Magazine recently argued that they are trying to become the "public" version of Soho House. That is, a lifestyle omni-brand that isn't membership-based, but that will still make you feel rich and special while you eat, sleep, play, and shop for various things for your home. Now, I do think that their target customers aren't exactly the same person. But of course, I see the parallels. And it's certainly interesting from an experiential retail, brand ecosystem, and real estate development standpoint. It gets the brand everywhere.

So Soho House went public this week. It is now trading on the NYSE under the ticker $MCG. It renamed itself the Membership Collective Group Inc. for the IPO given the myriad of brands that the company now operates. The company went public at $14 a share and with a $2.8 billion valuation. It raised $420 million through the offering.

My first reaction when I heard the news was that going public is maybe at odds with being a cool, urban, and exclusive membership club. We're all about creatives; also, buy our stock. But maybe I'm wrong. This is just the company maturing. At 26 years old, the company now has some 119,000 members and has 30 Soho Houses around the world in 12 different countries.

Full disclosure: I am a member and a big fan of Soho House.

But now that the company is public, we also know that it has never turned a profit. And it hopes to do that by next year, as well as open some five to seven new Soho Houses each year while trying to remain "asset light". As the company does this and pushes toward profitability, there is, of course, a very natural question about what that does to the experience and the overall brand.

Does it get diluted at all?

I don't think that necessarily needs to be the case. But of course the company will end up evolving. On a related note, if anyone from Soho House / MCG is reading this post (unlikely), I would love to connect about an opportunity here in the Toronto area. I think it has the potential to become something truly remarkable -- not to mention, much needed. I can be reached, here.

The story of the Hunt House in Malibu, California -- as recounted here by Soho House -- has me wanting to serendipitously stumble upon an underpriced midcentury architectural gem along the coast of the Pacific Ocean so that I can spend my weekends fastidiously restoring it to its former splendor.

I have already started looking.

Originally built in 1957, the Hunt House at 24514 Malibu Road was designed by California modernist Craig Ellwood. It was the 1,400 sf weekend home of Dr. Hunt and his wife Elizabeth. Like many of the homes on this street, the minimalist entrance and front facade ultimately step down into a grand waterfront space. Photos and video tour, here.

The current owners, architect Diane Bald and her husband Michael Budman, discovered the house while driving the coast in search of a rental. The Hunt House was marked as for rent or for sale. They rented it immediately.

After four years in the house, an evil developer ended up buying the house with the intent of knocking it down and building something new. But he allowed them to remain living there during entitlements.

Turns out it's hard to build in Malibu, and so after another four years, he gave up and said, “you know what Diane? You’re the rightful owner of this house, I will never be able to build what I want." (Quote from Soho House.) It is at this point that Diane bought the house and began restoring it.

That process was documented here on Instagram.

Top Image: Richard Powers via Soho House