阿哈尔斯（ARHS）：首席商品官丽莎·奇离职加入竞争对手RH

Jonathan Matuszewski, CFA * | Equity Analyst(212) 284-1737 | jmatuszewski@jefferies.comRandal J. Konik * | Equity Analyst(212) 708-2719 | rkonik@jefferies.com$8.50 | -2%$19.81 - $6.61FLOAT (%) | ADV MM (USD)35.8% | 15.41^Prior trading day's closing price unless otherwiseEquity ResearchMay 20, 2025 Company DescriptionArhausArhaus is a premium home furnishings brand that partners with artisans around the world to create one-of-a-kind furniture and décor that issustainably sourced and built to last. The retailer is headquartered in Boston Heights, Ohio.Company Valuation/RisksArhausOur $8.50 price target is based on a blend of ~17x C'26E EPS and ~7x C'26E EBITDA. Risks include execution weakening of the high-earning consumer,intensified competitive landscape, rising freight and transportation costs, showroom cannibalization, and rising commodity costs.RHOur price target is based on a blended average of ~27x F'26E P/E and ~11.5x EV/EBITDA. This is a premium to furniture peers and a discount toluxury brands. Downside risks to our price target include a weakening of higher-income consumers, fading lifts from real estate transformation, tariffs,competitor share gains, and unsuccessful debuts in international markets. Upside risks include new peaks in equity markets creating record wealthfor affluent households and a material rebound in luxury housing activityAnalyst Certification:I, Jonathan Matuszewski, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Randal J. Konik, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Arhaus.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 20, 2025 , 10:14 ET.May 20, 2025 , 10:14 ET.2 Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendations.Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are provided.Valuation MethodologyJefferies' methodology fo