Ralph Lauren announces $10 million towards COVID-19 relief
The Ralph Lauren corporate foundation, announced that they will donate $10 million towards Covid-19 relief. In addition, the Ralph Lauren Corporation also revealed that they will start production of 250,000 masks and 25,000 isolation gowns with their US manufacturing partners.
“At the heart of our company, there has always been a spirit of togetherness that inspires our creativity, our confidence and most importantly our support for one another. In the past weeks and months, that spirit has never wavered,” said Ralph Lauren, Executive Chairman and Chief Creative Officer. “We believe that no matter who you are or where you are from, we are all connected. That is why we are taking significant action to help our teams and communities through this crisis,” he added.
This comes after it was announced that across the company, business leaders will reduce their salaries and compensation. Ralph Lauren said that he will forego his entire salary for fiscal year 2021 and his full fiscal year 2020 bonus, while President and Chief Executive Officer, Patrice Louvet, will reduce his salary by 50% during the crisis. Members of the executive and global leadership team, a group of 140 business leaders across the company, will reduce their salaries by 20% for the first quarter of fiscal 2021, and their board of directors will forego their quarterly cash compensation for the first quarter of fiscal 2021.