Ralph Lauren to cut global workforce by the end of fiscal 2021

Ralph Lauren Corporation has announced that as part of its plan to accelerate sustainable long-term growth, the company will reduce its global workforce by the end of the company’s fiscal 2021, which is expected to result in gross annualized pre-tax expense savings of approximately 180 million dollars to 200 million dollars, with savings realization primarily beginning in the company’s fiscal 2022. In connection with the reduction in workforce, the company expects to incur total estimated pre-tax charges of approximately 120 million dollars to 160 million dollars.