Ralph Lauren Corporation Announces COVID-19-Related Temporary Store Closures in North America
NEW YORK–March 17, 2020–Ralph Lauren Corporation (NYSE: RL) today provided an update to its store operations in response to the continued spread of COVID-19. The Company will temporarily close all of its stores across North America from March 18 through April 1. All of the Company’s team members impacted by this short-term closure will receive their standard pay for the full two weeks. Consumers can continue to shop from our digital commerce sites and mobile apps.
“In the current context, our purpose of inspiring the dream of a better life takes on new meaning,” said Patrice Louvet, President and Chief Executive Officer. “Our number one priority is the health and well-being of our employees, our consumers and the communities we serve.”
During this period, the Company will continuously assess the rapidly-evolving situation, taking into account the guidance of global health organizations and local governments to determine the right time to return to business, location by location, as the Company is doing in Asia and Europe.
The Company has already closed a number of stores across Asia and Europe and will continue to follow the guidance of local governments and health organizations across these regions to determine the right next steps for each store location.
In addition, Ralph Lauren Corporation has taken steps to protect its teams by freezing all travel, asking employees to work from home when being in the office is not essential, deploying deep cleanings in all work locations, and implementing staggered work schedules in its distribution centers.
As the situation continues to unfold, the Company plans to provide an update on the operational and financial impact along with its Fiscal 2021 and first quarter guidance on its fourth quarter Fiscal 2020 earnings call.
ABOUT RALPH LAUREN CORPORATION
Ralph Lauren Corporation (NYSE:RL) is a global leader in the design, marketing and distribution of premium lifestyle products in five categories: apparel, footwear & accessories, home, fragrances and hospitality. For more than 50 years, Ralph Lauren's reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. The Company's brand names, which include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children, Chaps and Club Monaco, among others, constitute one of the world's most widely recognized families of consumer brands. For more information, go to our Company website.
Source: Ralph Lauren Corporation
Corinna Van der Ghinst