Restoration Hardware is on Eddie Lampert’s shopping list this holiday season.

Sears Holdings Corp., the retailer controlled by the hedge fund manager, acquired a 13.7-percent stake in Restoration Hardware Inc., which analysts said could signal a new acquisition phase for Sears.

That could set it on a collision course with a buyout group that sealed a a deal recently to purchase the company.

Earlier this month, specialty retailer Restoration Hardware agreed to a management-led buyout with Catterton Partners. Restoration Hardware, which had rejected an initial overture from Sears in October, had 35 days to solicit better offers.  Sears’ purchase of Restoration was disclosed in a filing on Monday.

In an email to employees that Restoration Hardware Chairman Gary Friedman signed “Carpe Diem,” the specialty retailer confirmed that Sears signed a confidentiality agreement to review the boutique retailer’s books and evaluate the possibilty of making a rival takeover bid.

Sears acquired the stake after the Catterton buyout announcement, “indicating a more agressive approach,” Credit Suisse said.

“It is that ‘make a deal’ potential that continues to support the stock as results continue to deteriorate. Ahead of what should be an ugly Q3 report next week, perhpas we are entering the next phase of the Sears Holdings story,” Credit Suisse analysts said.

Restoration Hardware hawks sheets, furniture and gifts to affluent, well educated 35 to 60 year old customers, according to its SEC filings. That might be an odd fit for the more populist Sears. But Credit Suisse analysts said Sears might be trying to fill its home goods void once its partnership with Martha Stewart ends.