USA: Polo Ralph Lauren Strengthens Management Team
"Polo is a global company with strong wholesale, retail and licensing groups and our need to strengthen our executive team has grown," said Ralph Lauren, Chairman and Chief Executive Officer of Polo Ralph Lauren. "In addition to building our core businesses, we are excited about our key strategic initiatives including our new media venture with NBC, our European acquisition, our Polo Ralph Lauren retail concept stores and the development of the Club Monaco brand."
"Roger is the perfect addition to our executive team and will be playing an instrumental role in executing our long-term strategic plans on a global scale," Mr. Lauren said.
Commenting on the responsibilities of the executive team, Mr. Lauren added, "Lance will focus on further developing our apparel, accessories and home businesses, and partnering with me to innovatively market and advertise our brands. Roger will concentrate on the important growth of both Polo and Club Monaco's retail businesses, as well as corporate finance and administration. Doug Williams, our Group President of Global Business Development, will oversee our licensing groups, develop our European business and support our new media venture. Together, with me, they will be responsible for our strategic direction."
"Roger is one of the most accomplished retailers in the country today and we are pleased to have him bring his strong 25-year history at Saks Fifth Avenue and Federated Department stores to our organization. Under Roger's direction, we will be able to seize greater opportunities in our global retail businesses," said Mr. Isham.
"I am excited to be joining the premiere lifestyle brand in the industry," said Mr. Farah. "I look forward to being part of the highly respected and talented team that Ralph has assembled to grow the business."
Mr. Farah began his retailing career at Saks Fifth Avenue in 1975 after receiving a Bachelor of Science in economics from the University of Pennsylvania, Wharton School. He went on to executive positions at Federated Department stores, where he became, at 34, the youngest president of Rich's, a Southern department store chain. In 1991, Mr. Farah was named Chairman and Chief Executive Officer of Federated Merchandising Services. In 1994, Mr. Farah served briefly as President and Chief Operating Officer of Macy's before taking on the role of Chairman and Chief Executive Officer of Venator Corporation, formerly the Woolworth Corporation.
Polo Ralph Lauren Corporation (NYSE: RL) is a leader in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrances. For more than 30 years, Polo's reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. The Company's brand names, which include, "Polo by Ralph Lauren," "Polo Sport Ralph Lauren," "Ralph Lauren Collection," "Ralph Lauren Purple Label," "RALPH by Ralph Lauren," "Lauren by Ralph Lauren," "Polo Jeans Co. Ralph Lauren," and "Chaps Ralph Lauren," among others, constitute one of the world's most widely recognized families of consumer brands. In May 1999, Polo Ralph Lauren acquired Club Monaco, a vertical lifestyle retailer based in Toronto. In February 2000, Ralph Lauren Media LLC was formed as a joint venture between Polo Ralph Lauren, NBC and two of NBC's affiliated companies -- ValueVision International, Inc. (Nasdaq: VVTV) and NBC Internet, Inc. (Nasdaq: NBCI) -- to bring the Polo Ralph Lauren American lifestyle experience to consumers via multiple media platforms, including the Internet, broadcast, cable and print.
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