POLO RALPH LAUREN increases profit and pursues aggresive expansion in Asia
During the annual shareholders’ meeting this week, the POLO RALPH LAUREN Group reported a 57% increase in profit in the first quarter of this year to USD 121 million, from USD 77 million a year ago. The company ended the period with USD 1,1 billion in cash and investments. Chairman and CEO Ralph Lauren highlighted the company will focus on expanding womens wear and luxury accessories. He also announced the various POLO lines such as Rugby, Double RL, RLX presented tremedous opportunity for growth internationally, with the possibility of being sold in separate, stand alone stores.
Since 2007, when POLO bought back its sublicensee in Japan, the company has embarked on a major expansion in Asia, last year purchasing its licensee for South East Asia and this year buying out its licensee in South Korea. Mr Lauren also mentioned China is a top priority for international expansion. A new store on New York’s Madison Avenue will be inaugurated late September, at the same time with the reopening of the revamped Rhinelander mansion.
The company opened earlier this year, in Paris, its largest European store, covering a total surface of 1.200 sqm. The store which is situated in the chic St Germain district also includes a top class restaurant.