MIDTOWN — You won't be able to find Ralph Lauren's polos on Fifth Avenue anymore.
The fashion brand is pulling its Polo store at 711 Fifth Ave., at 55th Street, as part of a move to save $140 million annually, the company said.
The move was announced Tuesday as part of a number of cost-saving measures Ralph Lauren is doing to "return the company to sustainable, profitable growth and continue to move its business and iconic brand forward," a press release stated.
By mid-April, all of the store's products will be moved to its men's and women's flagship locations at 867 and 888 Madison Aves., as well as its Downtown outposts.
Ralph Lauren will maintain its seven other locations, as well as its Polo Bar Restaurant, around the corner on 55th Street, the company said.
Ralph Lauren also plans to upgrade its e-commerce platform, develop new store formats and leverage its Ralph's Coffee brand.
The savings from closing the Fifth Avenue store will add to an expected $180 to $220 million it expects to save from other cost-cutting measures announced last year, the company said.
The news comes just a month after Ralph Lauren's CEO Stefan Larsson quit the company.
“We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place," said Jane Nielsen, the company's chief financial officer, in a statement.
"The decision will optimize our store portfolio in the New York area and allow us to focus on opportunities to pilot new and innovative customer experiences. The Polo brand remains strong, and we expect it to further strengthen as we continue to evolve the Polo product and marketing."
