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Revenue drop prompts luxury fashion brand to close stores, announce layoffs

June 8, 2016

In a move to stem declining revenue, save on costs and spur sales upward fashion icon Ralph Lauren is slicing 1,000 jobs and shuttering dozens of stores.

The strategy includes closing 50 retail locations and aims to save the company about $220 million, according to a Reuters report. The job cuts reflect 8 percent of the full-time workforce, stated Reuters, quoting a company spokesperson.

The report also noteds the company is aiming to slash product-to-market time from 15 months to nine months.