Company History:
The Polo/Ralph Lauren Corporation (RL) has become one of the best-known fashion design and licensing houses in the world. Founded by American designer Ralph Lauren in the late 1960s, the company boomed in the 1980s as Lauren's designs came to be associated with a sophisticated and distinctly American attitude. The company's first products were wide ties, but it soon designed and manufactured an entire line of menswear before entering the more lucrative women's fashion market as a designer and licenser. By the 1980s, the Polo/Ralph Lauren name helped sell a wide array of products, including fragrances and accessories for men and women, clothing for young boys and infants, and a variety of housewares, shoes, furs, jewelry, leather goods, hats, and eyewear. Menswear accounted for 42 percent of 2003 sales of $2.44 billion. Womenswear was the next largest segment (25 percent), followed by fragrances, accessories, children's, and home. Brands include Polo, Lauren, Chaps, and Club Monaco. The company licenses nearly 300 manufacturers and 100 retail outlets around the world. RL also runs 240 of its own stores in the United States.
Ralph Lauren became the single most profound industry-transformer of the past century by maneuvering his product offering, brand extension and marketing to evolve from a neckwear designer into a brand ambassador for an entire lifestyle, thus creating the “Lifestyle Industry”. Throughout the past forty years, although the company has experienced financial ups and downs, acclaim and criticism alike, it has remained one of the most successful fashion businesses in the world.
Ralph Lauren Opens Clothing Boutique
Ralph Lauren worked for the famous Brooks Brothers Company prior to starting his own fashion line. Armed with a $50,000 loan, Lauren opened his first clothing booth inside the Bloomingdale's Manhattan store. In 1971, he opened his first store in Beverly Hills, featuring Polo fashions for women. The simple, short-sleeved knit Polo shirt was born in the late 1980s and worn primarily for golf and tennis. The popularity of the shirt spread rapidly, with women and children often seen sporting the shirts with the embroidered Polo horse and rider over the pocket.