Insight: Fierce Competition for Upper-Income Households in the Digital Channel

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Insight: Fierce Competition for Upper-Income Households in the Digital Channel

USA | Hardlines

RH EquityMayResearch12, 2026

FLASH NOTEInsight: Fierce Competition for Upper-Income

RATING HOLDHouseholds in the Digital Channel

PRICE $129.20^

We continue to be impressed by the mind-share that Wayfair’s luxury banner,

Perigold, is garnering among higher-income households. A >85% y/y increase PRICE TARGET | % TO PT $128.00 | -1%

in unique visitors in April supports the increasingly noticeable trend of 52W HIGH-LOW $257.00 - $106.30

outperformance versus peers, incl RH. Reiterate Hold on RH. FLOAT (%) | ADV MM (USD) 77.5% | 186.16

MARKET CAP $2.5B

The Data. Unique visitor count at Perigold was +86% y/y in April, reflecting robust outperformance TICKER RH

relative to scaled peers in luxury home furnishings. +86% marks a new record in our dataset for ^Priornoted.trading day's closing price unless otherwise

Perigold unique visitor growth.

Outsized Share Gains Becoming More Noticeable at Perigold

90%

75%

60%

45%

30%

15%

0%

-15%

-30%

perigold.com arhaus.com rh.com

.

Source: SimilarWeb. Data depicts Y/Y growth in unique visitors.

JEF View. The magnitude of outperformance at Perigold relative to peers over the past ~9

months has been stark. In early February, Wayfair's luxury banner announced its first major brand

collaboration, with Olivia Palermo, which should help sustain robust new customer acquisition

growth, thanks to the influencer's network (8M followers on Instagram alone). Recently, checks

have indicated that Perigold has seen an influx of interest from luxury vendors in the industry

following the recent Chapter 11 bankruptcy of Saks Global, as suppliers have narrowed their

distribution partners. Recent checks have also revealed Wayfair's efforts to incentivize its B2B