Ralph Lauren Corp. took several steps Monday to navigate the impacts of COVID-19. 🔐
Among the moves, Ralph Lauren, executive chairman and chief creative officer, will forego his entire salary for fiscal year 2021 in addition to his full fiscal year 2020 bonus. . Patrice Louvet, chief executive officer and president, will reduce his salary by 50 percent during the crisis. All the other 140 members of the executive and global leadership team will reduce their salaries by 20 recent for the first quarter of fiscal 2021.
Lauren’s store employees in North America have been compensated since store closures went into effect in mid-March and will continue to be paid in full through April 11. International store employees in regions where retail operations are required to remain closed have received similar compensation to date, as guided by local government regulations and authorities.
The company is also working to reassign some employees across other areas of the business, placing them in high-need functions as well as in its ongoing efforts to manufacture medical supplies, including masks and gowns, for donation. As far as supplier payments, the company said it will settle payment for finished goods and goods already in production. “Understanding that the scale of the ongoing slowdown of future orders can have a significant impact on our partners’ liquidity, we have a vendor payments program in place which enables suppliers to receive payments on a shortened time frame at favorable market rates,” the company said.
Louvet added, “We have a great responsibility to all of our stakeholders — our teams, our consumers, our investors, our partners and the communities who count on us — to ensure that every decision we make in this unprecedented global health crisis considers our ability to serve them over the long term.
France Dernières Nouvelles, France Actualités
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