Published: Wed, April 05, 2017
Medical | By Ismael Lynch

Ralph Lauren restructuring includes closing flagship NYC store

Ralph Lauren restructuring includes closing flagship NYC store

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

"We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place", Nielsen said.

The remaining product at the 711 Fifth Avenue store will be moved to the 867 Madison Avenue flagship and other NYC area stores.

As part of its efforts to restructure and return the company to sustainable, profitable growth, Ralph Lauren has revealed plans to move to a more cost-effective, e-commerce platform, and shutter its Polo store on New York's Fifth Avenue in a bid to save US$140m a year.

Stefan Larsson had been in the role for less than two years when it was announced in February that he would be leaving, following differences between him and the company's founder and chairman Ralph Lauren. The current plan, then, is close at least 50 stores and eliminate 1,000 jobs.

Ralph Lauren has struggled with declining sales and sharply reduced earnings in recent quarters.

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Ralph Lauren Corp. includes a stable of brands including Polo Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren Collection and Black Label, each incorporating an overarching sense of classic-yet-vogue fashion.

Ralph Lauren will however, continue to operate its seven additional store locations and its flagship Polo Bar Restaurant in New York City.

Shares of Ralph Lauren fell $4.18, or 5 per cent, to $77.19 Tuesday afternoon, following the news.

The company will also test new retail concepts, including the potential to grow Ralph's Coffee.

The restructuring plan is part of the company's Way Forward Plan that's been around since last June.

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