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Ralph Lauren to cut 15% of global workforce
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Ralph Lauren announced Tuesday it is planning on cutting its global workforce by the end of the 2021 fiscal year as the company takes steps to cut costs and reorganize its business "for future growth."
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The impending cuts will affect roughly 15% of its global workforce, which Ralph Lauren said is expected to result in gross annualized pre-tax expense savings of approximately $180 million to $200 million.
RALPH LAUREN CORP
The company also expects to incur pre-tax charges of about $120 million to $160 million, the company announced Tuesday.
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The reduction in its workforce is part of the company's "Next Great Chapter plan" in which it hopes to "deliver sustainable long-term growth and value creation" amid a tumultuous time for businesses.