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Clothes by any other name... The epitome of classic, tweedy style, Ralph Lauren was born Ralph Lifschitz in the Bronx. His father, a Russian immigrant house painter and muralist, is said to have informally changed his family's name to Lauren, and inspired his son to acquire the upper-class image he envied. Presumably, Ralph made his father proud. He formally changed his name to Lauren after graduating high school, and soon landed a job as a sales representative for Rivetz, a Boston tie maker. Lauren's big break came in 1967, when New York tie designer Beau Brummel recognized his smart fashion sense, and gave him his own style division. Lauren named the division Polo, for the sport's refined image. And the rest is history. Yuppie threads of choice Lauren started Polo Fashions to make tailored menswear in 1968. Peter Strom partnered up with Lauren in the early 1970s, and, despite a bumpy start, Polo Fashions received critical acclaim. With three Coty awards and a big-name movie credit under his belt - Lauren designed costumes for The Great Gatsby - Lauren introduced a line of clothes for women, and adopted the company's famous logo in 1971. In that same year, the first licensed Polo store opened on Rodeo Drive. Licensing agreements in the 1970s made the company's name big, which changed to Polo Ralph Lauren in 1980. The company coasted through the yuppie-filled 1980s on its old-money image, but was forced to make changes in the '90s. Bucked off his horse Ralph Lauren's WASPy empire hit a bump in the early 1990s, when his Double RL (RRL) line of western wear flopped. Lauren was forced to sell off 28 percent of the company to a Goldman Sachs investment fund. Meanwhile he expanded upmarket with the Purple Label, and downmarket with the Polo Jeans Co. The company, which entered the home furnishings market in the 1980s, introduced a line of paints and wall finishes in 1996. Also that year, Polo introduced Lauren, a moderately priced line of women's clothing, proving a bright spot in the floundering women's apparel industry. The company bought the 50 percent of Polo Retail Corp that it didn't already own, and went public in 1997. But in 1999, in a global restructuring effort, Polo took a $65 million charge to lay off 250 workers and close nine stores. Lauren kept a tight rein on the company, with a 44 percent equity stake. Expeditions for expansion Today, the company's wholesale segment designs and markets much of the company's clothing. The retail segment controls 31 retail stores and more than 70 outlet stores. In addition, Polo products are sold in over 1,700 department stores worldwide. Its Canadian-based Club Monaco subsidiary, acquired in 1999, added a 125-store line of hip youth apparel - and a fresh market. Recently, Polo has concentrated on expanding its home furnishings division, its retail stores, and its profitable licensing agreements; the company also has increased its focus on Canadian and European markets. Lauren has stepped outside his milieu with the opening of RL, a swank restaurant in Chicago's shopping district replete with library, fireplace, and cracked leather couches. Additionally, Polo has recently allied with NBC to provide its clothing via a variety of media, including the Internet, print, cable, and broadcast.
Where the work isn't wrinkle-free Despite the glitter and glamour of the fashion industry, one Polo insider reports, "Polo does not have a lot of the "glitter" inside." Employees say "long, hard hours" are expected, and tight deadlines are frequent. "The environment is very fast-paced, and we are always under pressure to complete deadlines by certain dates," one notes. However, many report "The rewards are worth it, when we see our labors walking down the streets on people. Polo is a good company to work for." Globe-trotting aplenty The perks at Polo are fairly generous. Topping the list of perks is travel opportunities, benefits that increase with tenure, and, of course, clothing discounts. One insider in the R&D department reports, "I spend about 70 percent of my time traveling. I travel domestically and internationally, with domestic trips lasting up to a week, and international trips lasting up to 16 weeks." Though that contact notes other departments do not travel as much, annual international trips and short domestic trips for most professionals are common. As for dress code, many wear Polo casual clothes, purchased at a discount, to the office. One notes, "There are no specific dress codes, except for being decent and presentable." Employees in the New York office are nourished with complimentary breakfast every morning.
Human Resources
AnnTaylor;Gucci;L.L. Bean;Nautica Enterprises;Tommy Hilfiger More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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