The company will shutter other retail locations and upgrade its e-commerce system. It did not say how many jobs would be slashed. Goods from the Fifth Avenue store will be sold at other Ralph Lauren stores in New York. The moves will result in $370 million in one-time expenses.
"We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place," said chief financial officer Jane Nielsen.
"The decision will optimise our store portfolio in the New York area and allow us to focus on opportunities to pilot new and innovative customer experiences."
New ideas under review include "Ralph Coffee" at retail locations and "developing new store formats that connect the brand to loyal and new consumers," the company said.
The moves are the latest as the retail industry responds to the consumer shift to e-commerce that has led many to conclude that the US brick-and-mortar retail footprint is too big.
Gap and Macy's have also announced store closures in recent months, and on Monday, J.Crew announced that its longtime creative director Jenna Lyons would leave the company.
In February, Ralph Lauren announced that chief executive Stefan Larsson would step down on 1 May following creative disagreements with the label's founder.
Shares of Ralph Lauren fell 2.8 percent to $79.13 in mid-morning trade.
Source: AFP
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