Due to a steep decline in sales, Ralph Lauren has announced they will be closing their flagship NYC store in less than two weeks.
The fifth avenue location is one of about 50 stores set to shutter under the brand’s ‘Way Forward Plan,’ a company-wide shake-up that was instituted last June. Since then, RL has eliminated layers of management, slashed 1,000 jobs, and decreased their merchandise offerings in department stores, which were hurting the brand through heavy discounting. Upon its completion next March, the ‘Way Forward Plan’ is expected to save RL upwards of $140 million a year.
Under the leadership of temporary CEO Jane Neilson, Ralph Lauren is also planning to revamp its e-commerce platforms and streamline expenses by focusing on three core brands: Ralph Lauren, Polo, and Lauren. Additionally, the company plans to explore alternative retail concepts, including leveraging Ralph’s Coffee, and developing new store formats.
You can read more about it at Bloomberg.
