Ralph Lauren lets people go | RetailDetail

Ralph Lauren lets people go

Ralph Lauren lets people go

Fashion company Ralph Lauren is going through a restructuring program and that has its consequences for its staff. Currently, about 5 % will apparently be let go, but that number can still grow.

New company structure

At the end of the previous quarter, Ralph Lauren had 25,000 employees and 15,000 of those are full-time equivalents. Since mid-May, the company is undergoing a restructuring plan, which will render 750 positions redundant. It is unclear whether more jobs will be cut later on.

 

Ralph Lauren's new structure was presented in February and the company now hopes to save up to 100 million dollars (90 million euro). Its goal is to create a core management team for each brand, with 6 brand groups in total.

 

Christopher Peterson has been appointed Global Brands director in April, while the six separate group directors will have to report to him. Peterson expects this new model to result in higher gross margins.

 

Ralph Lauren's quarterly net profit dropped from 153 million dollars (137 million euro) to 124 million dollars (111 million euro). Net profit did grow 1 % however, to 1.89 billion dollars (1.7 billion euro).

Questions or comments? Please feel free to contact the editors


Becel is now (partially) Belgian

25/04/2018

The Belgian Frère family is now also part of Flora Food Group (FFG), Unilever’s former margarine division, now sold to American KKR. The GBL holding will invest 250 million euro and obtain a 3.7 % stake.

Coca-Cola experiences growth thanks to Light and Zero

25/04/2018

Coca-Cola’s first quarter turnover dropped 16 %, but that is still better than expected for the soda manufacturer. Coca-Cola increased turnover 5 % on its own, partially thanks to its sugar-free soda relaunch.

Nestlé has lost KitKat's four fingers

23/04/2018

Chocolate bar KitKat’s four “fingers” are not distinctive enough to give Nestlé sole ownership. With its statement, the European Court has now ended a long-standing legal battle between KitKat and Leo.

EU votes for better organic label legislation

20/04/2018

European Parliament adopted a bill to regulate the organic industry: things will be stricter, but also fairer and clearer. An organic label and importation legislation should help promote Europe’s local organic manufacturing companies.

Heineken and Bavaria seek fortune outside of Europe

19/04/2018

Even though the European beer market continues to struggle, Dutch brewery groups Heineken and Bavaria have published growing turnovers. Bavaria set a record turnover, Heineken raised its turnover 4.3 % in the past quarter.

Danone boasts strongest like-for-like turnover increase in past five years

19/04/2018

French food giant Danone’s first quarter was an impressive one: like-for-like turnover grew 4.9 %, its best performance in the past five years.