Ralph Lauren will soon be closing it’s iconic flagship Polo store located on Fifth Ave. The decision was announced today in accordance with the company’s Way Forward plan introduced last year.
“These are important actions we are taking to continue our evolution and deliver on the Way Forward commitments we made in June,” stated Ralph Lauren chief financial officer, Jane Nielson. “We are looking carefully at the way consumers are shopping online and believe that shifting to the [new digital] platform will allow us to create a best-in-class solution more efficiently in all of our markets around the world.”
As a result, Ralph Lauren is hoping to save roughly $140 million. The Way Forward plan, which the company expects to conclude in March 2018, aimed to save between $180 and $220 million while letting go of eight percent of their staff and closing 50 stores. Their seven other New York City locations will remain open for the time being as well as the Polo Bar Restaurant located at the Fifth Avenue flagship.
Though pertaining to different reasons and circumstances, Ralph Lauren will also be expecting the departure of chief executive officer, Stefan Larsson as of May 1st.
The combination of this, the closing of their Fifth Avenue store and other possible impending actions mark numerous notable changes to the restructuring brand as we draw closer to the spring of 2017.