Ralph Lauren to cut jobs, close flagship Fifth Avenue Polo store
The Fifth Avenue Polo store is the most high profile closure so far.
The moves are part of Larsson's so-called Way Forward Plan that started last June.
The new comes only two months after Ralph Lauren chief executive Stefan Larsson announced his plans to resign, citing differences between him and the brand's namesake.
Ralph Lauren will however, continue to operate its seven additional store locations and its flagship Polo Bar Restaurant in New York City. In a public filing on Tuesday, the company planned to close an unspecified number of stores, close a certain corporation operations and reduce workforce. And that is in addition to the $180 to $220 million they expect to save from the cuts they made previous year.
The company did not say how many jobs would be lost, but past year it indicated around 1,000 jobs and 50 stores would be sacrificed in order to lower costs. Total restructuring charges against earnings are expected to be $370 million.
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Ralph Lauren is also trying to boost its e-commerce presence by relaunching its store on a new platform to "deliver a more consistent customer experience across the global digital ecosystem".
Ralph Lauren has found that, much like other fashion chains, relying on extreme discounting is just not enough of a strategy to stay in business. The retailer will be streamlining its organization and closing offices and stores.
"The decision will optimise our store portfolio in the NY area and allow us to focus on opportunities to pilot new and innovative customer experiences", said chief financial officer, Jane Nielsen.
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