Ralph Lauren Corp. plans to shutter one of its main stores in Manhattan and realign its e-commerce operations, as the struggling NY fashion house continues to push its turnaround plan.
Ralph Lauren's flagship store on the famed Fifth Avenue in New York City is closing.
Ralph Lauren chief financial officer, Jane Nielsen comments that the closing is, in fact, aimed at freeing up the company to explore other ventures, hinting at the expansion of Ralph Coffee cafe.
The moves are the latest as the retail industry responds to the consumer shift to e-commerce that has led many to conclude that the USA brick-and-mortar retail footprint is too big. Ralph Lauren said it would boost its e-commerce efforts as well.
Gap and Macy's have also announced store closures in recent months, and on Monday, J.Crew announced that its longtime creative director Jenna Lyons would leave the company.
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How that affects the Polo Ralph Lauren Factory Store at Williamsburg Premium Outlets, if at all, is not clear. "The decision will optimize our store portfolio in the NY area and allow us to focus on opportunities to pilot new and innovative customer experiences", Jane Nielsen, Ralph Lauren's CFO said in a statement.
Ralph Lauren has stated as well that it will enter a partnership with sales software firm SalesForce's Commerce Cloud.
"The Polo brand remains strong, and we expect it to further strengthen as we continue to evolve the Polo product and marketing".
In February, Ralph Lauren reported fiscal Q3 profit of $82 million or 98 cents per share; adjusted earnings were $1.86 per share, besting the Zacks Consensus Estimate of $1.64, but reflecting a 18.1% decline from $2.27 per share in the year-ago quarter.
The company said the current restructuring will save $140 million per year.