Ralph Lauren is set to cut 1,000 jobs and close more than 50 stores from across its global portfolio in cost-cutting measures to save between $180m (£124m) and $220m (£152m) per year.
The cuts represent around 8% of the company’s full-time roles and come amid sluggish spending on luxury apparel and accessories, while Polo and Lauren are facing increasing competition in the lower end of the market, Ryan Lally, a spokesman for Ralph Lauren, told Reuters.
The company said it is attempting to speed up the time it takes to get new product into stores from 15 months down to nine.
Stefan Larsson, who joined the company at the end of last year as chief executive from Gap, said the company will focus on its luxury Ralph Lauren line and the lower-end Polo and Lauren brands as full year sales fell by 3% year-on-year.
The company had around 490 directly-operated retail stores and 15,000 full-time employees on April 2.
A breakdown of where the store closures will be has not yet been confirmed.
Drapers understands HDH advises Ralph Lauren on its store portfolio in the UK and Europe but the property agency was unavailable for comment.