Ralph Lauren to reduce its workforce to battle crisis
Ralph Lauren Corp. announced on Tuesday it will cut its global workforce by the end of fiscal 2021 in an attempt to curb the impact of coronavirus on its business. The company is expected to save between $120 million and $160 million in total estimated pre-tax charges with the planned reduction.
“The changes happening in the world around us have accelerated the shifts we saw pre-COVID, and we are fast-tracking some of our plans to match them – including advancing our digital transformation and simplifying our team structures,” Ralph Lauren President and Chief Executive Officer Patrice Louvet said in a statement.
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