Ralph Lauren opens full-price stores in Canada.
The fashion brand, which currently operates outlets and outlets in Canada, will launch full-price stores in Toronto in 2023, the brand’s head of retail in North America announced Thursday evening. , Georgi Gvakharia, in an article on LinkedIn.
The announcement comes shortly after Ralph Lauren provided an in-depth look at its current growth strategy – dubbed the “Next Great Chapter: Accelerate” – at its Investor Day last month. The plan includes the continuation of its streamlined commercial strategy, a doubling of its direct channels and a plan to open more than 250 stores over the next three years.
Ralph Lauren declined to comment on specific store openings in Canada.
In North America, Ralph Lauren’s retail business includes Ralph Lauren stores, outlet stores – or outlets – and its digital commerce site. The company also sells products through wholesale partnerships in the United States and Canada. As of July 2, Ralph Lauren operated 238 freestanding stores in North America.
According to its website, Ralph Lauren currently operates 12 outlet stores in Canada and no full-price stores.
At his Investor Day last month, Ralph Lauren’s North American director Bob Ranftl said the company wants to open 15 to 20 new full-price stores in North America. At the same time, the brand is reducing its wholesale presence and exiting lower-tier department stores.
“We have developed a clear and proven strategy and full-price store opportunities are just one touchpoint that drives the overall ecosystem and overall market growth,” Ranftl said, explaining that he views the North America as one of the main growth engines for the company over the next three years.
Chairman and CEO Patrice Louvet noted at the Investor Day that Ralph Lauren is re-establishing its position as a major player in luxury fashion. “Our ‘Next Great Chapter: Accelerate’ plan builds on this significant progress, building on our high brand positioning and desirability; our distinctive and timeless products and experiences across multiple categories; and our growing reach in key cities around the world,” he said.