Unfortunately negative financial reports continue for Ralph Lauren. The fashion house will be closing its Polo Ralph Lauren flagship store on Fifth Avenue in New York. This is happening as a part of Ralph Lauren's "Way Forward Plan" which is set to conclude by the end of March 2018. It was introduced by former chief executive Stefan Larsson last year. With this plan, there is an expectation of about $140 million USD in "annual cost savings." Although these changes will cost the company about $370 million USD, mostly from employee severance, lease termination fees and inventory costs.
CFO Jane Neilson, believes that shifting to a new digital platform will allow the company to create a "best-in-class solution" more efficiently in all of their markets around the world.