Ralph Lauren Corp. wants its insurer to pay up.
The brand was hit hard by the coronavirus pandemic, like just about every other fashion business, and saw first-quarter losses of $112 million as consumer culture was upended. Revenue is down 66 percent overall, compared to last year, and wholesale business has nearly evaporated, down 93 percent. While chief executive officer Patrice Louvet struck an upbeat tone around the financial position of the company early this month, full access to a large insurance policy would certainly help matters.
Ralph Lauren said the insurer is arguing that a clause in its contract around “contamination” limits the scope of its coverage related to any claims around the coronavirus pandemic, meaning Ralph Lauren cannot draw on the full policy it’s paid for. “The Factory Mutual talking points are intended to defraud policyholders from the coverage that each is contractually entitled to for the physical loss and damage to property caused by COVID-19,” the complaint reads.
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