Ralph Lauren Corp (RL) Cutting Jobs, Closing Flagship NYC Store

Ralph Lauren’s lower-end Polo and Lauren brands are facing competition from fast-fashion retailers such as H&M and Inditex’s Zara

The fashion retailer, that runs from low-priced shorts to haute couture, said on Tuesday it would cut more jobs as well as close its Polo store on Manhattan's Fifth Avenue as it looks to kickstart a tentative turnaround.

"We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place", Ralph Lauren's Nielsen said in a statement.

Despite cutting costs, Ralph Lauren reportedly has plans to explore "new retail formats", including the expansion of Ralph's Coffee. Larsson will is scheduled to exit next month. It has 485 company-owned stores worldwide. Though the brand's flagship store on Fifth Ave.in Midtown Manhattan will be closing its doors on April 15, there are seven other store locations in the city that will remain. "The decision will optimize our store portfolio in the NY area and allow us to focus on opportunities to pilot new and innovative customer experiences", Jane Nielsen, Ralph Lauren's CFO said in a statement.

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Ralph Lauren Corp. includes a stable of brands including Polo Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren Collection and Black Label, each incorporating an overarching sense of classic-yet-vogue fashion.

A spokeswoman for Ralph Lauren did not immediately respond to CNBC's questions regarding whether the decision to close its Fifth Avenue flagship was related to a disruption in business because of its proximity to Trump Tower.

Ralph Lauren has stated as well that it will enter a partnership with sales software firm SalesForce's Commerce Cloud. "A$3 nd we expect it to further strengthen as we continue to evolve the Polo product and marketing", she added.

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Ralph Lauren's shares dipped 1.3 percent to $80.32 in early trade.

The company will take a $370m charge related to the plan.

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