Pedestrians walk past a Ralph Lauren Corp. store in the Central district of Hong Kong, China, on Sunday, Oct. 27, 2019.
Paul Yeung | Bloomberg | Getty Images
Luxury apparel maker Ralph Lauren will cut 15% of its global workforce by the end of its fiscal year in a company-wide restructuring to lower costs and move more of its business online, it said on Tuesday.
The company had a total workforce of 24,900 as of March end and based on that, the plan could impact more than 3,700 jobs.
The COVID-19 health crisis has hammered demand for high-end handbags, apparel and accessories in retail stores, forcing luxury goods companies to slash costs and slow brick-and-mortar expansion plans.
However, their e-commerce sales have surged. Ralph Lauren said it would invest in digital platforms to support e-commerce operations, expand product personalization and add new features like augmented reality.
It will also move