Club Monaco, the Canada fashion retailer bought by Polo Ralph Lauren two years ago, is simplifying its product offerings after a disappointing year for the chain. Prices of key clothing lines will be cut while other lines will be shut down completely. Roger Farah, president and chief operating officer at Polo, and John Mehas - who replaced Club Monaco's Canadian founder, Joseph Mimran, after he was ousted from the chief executive's seat last August - outlined their strategies for Club Monaco at a recent consumer conference sponsored by Banc of America Securities in New York.