Business

Ralph Lauren increases its turnover by +17% in Asia

The American fashion house has just announced its financial results for the second quarter of the 2023 financial year: overall sales rose to 1.6 billion dollars, a performance driven by the Asian market.

Eva Morletto

By Eva Morletto15 novembre 2022

Ralph Lauren reported overall sales growth of +5% for the period July to September 2022 (Shutterstock)

From July to September 2022, Ralph Lauren recorded an overall increase in sales of +5% and the most important revenues were the result of commercial strategies implemented in the Far East. Capitalising on China and the Asian markets brought in $316 million in revenue for the brand. A decade ago, Ralph Lauren planned a strategy to open several retail hubs in Asia, including Shanghai, Beijing and Hong Kong. Today, the recovery of sales after the pandemic and the success of the strategy of investing in the network of boutiques have enabled the brand to optimise sales in the region. The other regions of the world, on the other hand, experienced a slight downturn over the period from July to September. There was a -1% decline in US online sales, as well as a slight decrease in turnover in Europe.  

However, the brand expects to end 2023 with a +8% increase in revenues, by regularly developing new marketing strategies formulated to attract the younger customer base. A few weeks ago, Ralph Lauren announced its collaboration with Epic Games and the popular game Fortnite to expand its presence on the web3.

At the same time, the brand continues its ethical commitment. This year, the American label was awarded the title of "Best Company for the Advancement of Women" for the third year in a row, according to the ranking drawn up by parity.org.

The organisation analysed a series of factors - gender equality, salary treatment, flexible working hours, the fight against gender discrimination and harassment, and parental leave - and identified Ralph Lauren as one of the most virtuous companies in the fashion sector.

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