Ralph Lauren to close flagship Fifth Avenue Polo, cut jobs
The luxury retailer also said its e-commerce business would move to Salesforce.com Inc's cheaper and more efficient Commerce Cloud platform.
Ralph Lauren had said last year it was building an in-house global e-commerce platform.
The New York-based retailer also said on Tuesday that it would integrate its products from the Fifth Avenue store into the Ralph Lauren men's and women's flagship stores on Madison Avenue and its downtown locations.
Ralph Lauren said it expects to incur about $370 million in charges and save about $140 million from the new measures, which are part of a cost-cutting plan announced in June.
The retailer did not specify how many jobs it would cut. Ralph Lauren said in June it would cut about 1,000 jobs and close 50 stores to lower costs and revive sales growth. ■