Ralph Lauren to close Fifth Avenue Polo store

Ralph Lauren has said it will shut down its prominent Polo store on New York's Fifth Avenue, less than three years after opening it.

The closure is part of the New York fashion company's plan to save $140m annually.

It did not say when the Fifth Avenue store will close. Its nearby restaurant, the Polo Bar, will stay open.

The three-level Fifth Avenue store was opened in late 2014 as a home for its Polo brand. Items from the store will be moved to its other New York stores.

Ralph Lauren shares fell nearly 4% on Tuesday.

AP


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