Strategic Turnarounds

Ralph Lauren is a legend in the fashion industry. However, his brand has seen a decade long slump defined by closing stores, discounted products, and an eroding loyalty with customers. After making strategic changes, it seems the brand could be on the way back. Ralph Lauren increased prices to make their famous monogram feel more exclusive. They also changed their retail model for a new generation by partnering with brands like Rent the Runway to provide rentals. They've even launched an authentication program using QR codes on clothing tags, allowing customers to scan the items for styling advice and ensure that each piece is legit. It's nice to hear of strategic turnarounds as opposed to failures, yet it is fair to say the jury is still out. © GB