Tags: Ralph Lauren | Jobs | Close | Store | New York

Ralph Lauren to Cut Jobs, Close Flagship Polo Store in New York

Ralph Lauren to Cut Jobs, Close Flagship Polo Store in New York
Keechuan | Dreamstime.com

Tuesday, 04 April 2017 12:47 PM

Ralph Lauren Corp. said it would close its flagship Polo store on Fifth Avenue in New York City and slash jobs, as part of a cost-cutting plan.

The luxury retailer also said its e-commerce business would move to Salesforce.com Inc.'s cheaper and more efficient Commerce Cloud platform.

Ralph Lauren had said last year it was building an in-house global e-commerce platform.

The New York-based retailer also said on Tuesday that it would integrate its products from the Fifth Avenue store into the Ralph Lauren men's and women's flagship stores on Madison Avenue and its downtown locations.

Ralph Lauren said it expects to incur about $370 million in charges and save about $140 million from the new measures, which are part of a cost-cutting plan announced in June.

The retailer did not specify how many jobs it would cut.

Ralph Lauren said in June it would cut about 1,000 jobs and close 50 stores to lower costs and revive sales growth.

Ralph Lauren, like other luxury brands, has been struggling as Americans spend lesser on apparel and accessories, resulting in falling sales in the last seven quarters.

The company's margins have also taken a knock as department stores discount heavily to get rid of excess inventory.

Ralph Lauren's lower-end Polo and Lauren brands are facing competition from fast-fashion retailers such as H&M and Inditex's Zara.

Ralph Lauren's shares dipped 1.3 percent to $80.32 in early trade.

© 2019 Thomson/Reuters. All rights reserved.

   
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Ralph Lauren Corp. said on Tuesday it would cut jobs and shutter some office and store locations, including its flagship Polo store on Fifth Avenue, New York City, as part of a cost-cutting plan.
Ralph Lauren, Jobs, Close, Store, New York
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2017-47-04
Tuesday, 04 April 2017 12:47 PM
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