- Prachi Singh |
Ralph Lauren Corporation has announced that as part of its plan to accelerate sustainable long-term growth, the company will reduce its global workforce by the end of the company’s fiscal 2021, which is expected to result in gross annualized pre-tax expense savings of approximately 180 million dollars to 200 million dollars, with savings realization primarily beginning in the company’s fiscal 2022. In connection with the reduction in workforce, the company expects to incur total estimated pre-tax charges of approximately 120 million dollars to 160 million dollars.
“The changes happening in the world around us have accelerated the shifts we saw pre-Covid, and we are fast-tracking some of our plans to match them – including advancing our digital transformation and simplifying our team structures,” said Patrice Louvet, the company’s President and Chief Executive Officer, adding, “These steps will enable us to progress our brand elevation journey and deliver Ralph’s vision in today’s dynamic environment – inspiring our consumers around the world and creating value for all of our stakeholders.”
The company is also transforming how it operates with the implementation of new technology platforms across several key areas of its business. This includes rolling out a cloud-based human resources and planning system globally as well as elevating how it delivers for consumers through its Digitizing the Value Chain project. Ralph Lauren is continuing to invest in technologies that help deliver an enhanced consumer experience – with new digital capabilities that support areas like omni-channel shopping, personalization, social commerce and augmented reality.