Ralph Lauren Corp. said yesterday that it would cut 15 percent of its global workforce by the end of this fiscal year as the luxury retailer strives to lower costs and ride out the impact of COVID-19 on sales and shopping habits, Reuters reported. The New York-based fashion house, which has 530 stores globally, said the changes would see it move more business online. The company did not say how many or what type of jobs could go, but based on its last reported total workforce of about 24,900 employees, the changes could impact more than 3,700 employees. “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,” Chief Executive Officer Patrice Louvet said. The health crisis has hit demand for high-end handbags, apparel and accessories as more customers hold back on non-essential spending, forcing many companies to slow their expansion plans. It has also put the brakes on the industry’s biggest ever merger, with France’s LVMH trying to back out of its $16 billion deal to acquire Tiffany & Co. Britain’s Burberry Group and luxury department store operator Harrods have also cut hundreds of jobs.
