Comment-leaver “Chewco” spotted the news today that Ralph Lauren is closing the Fifth Avenue Polo store here in New York. While it was never anywhere close to the majestic Rhinelander Mansion uptown (it wasn’t trying to be), it was a nice place to stop by (my church is across the street). I got to know several staff members who were nice as can be.
Ralph Lauren will also move its current digital operation to a less expensive and more flexible digital platform.
The company said it expects these moves to be wrapped up by the end of March 2018 and to result in annual cost savings of about $140 million. However, the restructuring moves will cost the company about $370 million initially.
Meanwhile, Ralph Lauren will continue to “explore new retail concepts, including Ralph’s Coffee, and develop new store formats that connect the brand to loyal and new customers,” the company said.
“These are important actions we are taking to continue our evolution and deliver on the Way Forward commitments we made in June,” said Jane Nielsen, chief financial officer. “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.”
Unless my editor just got the axe, I’ve got an assignment for the online magazine due in a couple weeks. — CC