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Ralph Lauren says China continues to be an important investment

By ZHU WENQIAN | chinadaily.com.cn | Updated: 2022-11-29 11:19

Consumers select products at the World of Ralph Lauren, the brand's emblematic store portfolio, in Shanghai. [Photo provided to chinadaily.com.cn]

Despite the challenges brought by the COVID-19 pandemic, US luxury lifestyle brand Ralph Lauren said it has continued to drive strong momentum in the Chinese mainland, and will continue to invest in the market.

During the second quarter of fiscal 2023, the company's business performance was led by Asia, and sales in Asia grew more than 30 percent over the prior year in constant currency. Comparable store sales in Asia increased 25 percent, with a 25 percent growth in brick-and-mortar stores and a 22 percent increase in digital commerce, it said.

For the full year of fiscal 2022, Ralph Lauren delivered robust double-digit growth across all the regions. Sales in Asia grew 27 percent year-on-year, despite adverse impacts related to COVID-19 business disruptions across key markets.

"We outlined our next phase of growth for our company, and will focus on ongoing brand elevation, category expansion and scaling our key city ecosystems around the world. Our multiple engines of growth helped drive solid results," said Patrice Louvet, president and chief executive officer of Ralph Lauren.

In the fiscal year 2021 to 2022, the company opened the World of Ralph Lauren with Ralph's Coffee in Beijing and Shanghai, and launched the World of Ralph Lauren, as well as Asia-Pacific's first Ralph's Bar in Chengdu, Sichuan province, which has helped the company attract more consumers and boost its main business in China.

Meanwhile in October, Ralph Lauren donated 1 million yuan ($139,000) of special humanitarian relief funds to the Red Cross Society of China Shanghai Branch through its Pink Pony Initiative, a global charitable program that was founded 22 years ago and dedicated to cancer care and prevention.

Ralph Lauren and the Red Cross Society of China Shanghai Branch started their cooperation last year. The fund will be especially used for life and treatment support of patients with hematopoietic stem cell transplantation from impoverished families. Next, the company will expand its concerns to more areas of cancer rehabilitation and treatment.

Besides, in support of this year's campaign, the company will donate 100 percent of the purchase price from the sales of its new Pink Pony Oxford shirt and 25 percent of the purchase price from the sales of the new Pink Pony cashmere hoodie, among others, to the Pink Pony Fund or to a network of international cancer charities.


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