Ralph Lauren closes flagship store in Hong Kong
Ralph Lauren's sudden exit from its Causeway Bay flagship store last week is the latest high-profile fashion closure to have occurred or been flagged in 2016. Its share price has been under pressure in the past 12 months, twice falling below US$85.
Ralph Lauren's shares closed at US$108.19 on Monday, down more than 9 per cent on their US$119.59 close on December 7, 2015.
Ralph Lauren is “combining men’s and women’s flagships in the recently renovated Prince’s Building location, as well as remaining focused on providing our customers with the authentic style and luxury shopping experience. The move is part of a new strategy of the brand. The restructuring will cut over 50 stores and 1,000 jobs worldwide and save the publicly traded company between US$180 million and US$220 million a year.