Ralph Lauren Outlines Restructure

Ralph Lauren has outlined its restructuring plan which involves closing 50 stores and cutting 1,000 jobs, a spokesperson confirmed to Reuters last night. The aim is to lower outgoings at the fashion house, which has seen a decline in shares this week, with the restructure predicting to save the company $180 to $220 million annually.

The new plan, headed up by chief executive Stefan Larsson, also involves shifting attention to profitable areas of the business that hold most potential. "The company will focus on its luxury Ralph Lauren line and the lower-end Polo and Lauren brands," Reuters reports Larsson as saying.

A spokesperson for the brand also revealed that it plans to reduce time between collections being unveiled and being available in store - a move currently being mooted by many luxury fashion companies - from 15 months as it stands, to nine months.

In the first quarter of this year, the company had just over 490 directly operated retail stores and approximately 26,000 employees. Under the new plan, these figures will reduce to around the 440 mark and 1,000 respectively.