Patrice Louvet is looking toward the future at Ralph Lauren Corp.
The company has suffered plenty of the usual coronavirus pains, logging $249 million in net losses and a 15 percent sales decline in the fourth quarter — big declines made all the more stark by the fact that the quarter only included the first few weeks of the U.S. social distancing shutdown.
Ralph Lauren’s China business was down 85 percent in February, 50 percent in March and then about 10 percent in April. While online growth has been strong, traffic in stores has remained slow but with higher conversion rates. Stores are getting frequent deep cleanings, associates get masks and the number of people allowed inside at one time has been limited.
The firm’s revenues in North America fell 11 percent to $629 million while turnover in Europe decreased 19 percent to $353 million and revenues in Asia dropped 22 percent to $214 million.
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