Ralph Lauren Leans on Online Sales to Get Back on Track
Ralph Lauren's online sales in China jumped 76 percent in the fourth quarter, putting it back on track in China en route to recovery.
The New York-based company noted that loungewear and athleisure products were highly in strong demand as people have to stay at home.
Ralph Lauren was able to expand the number of stores that could fulfill online orders in China, an important growth market for luxury goods companies, during the pandemic.
It also offered digital services like advising on style and events, which is now testing in North America and Europe.
The company said that sales growth in China could return to pre-pandemic levels by the second quarter, with most of its stores there now open.
It is also hoping to sell its Spring collections that were stocked in warehouses later in the year.
However, Ralph Lauren said it expects significant struggles in fiscal 2021.