Ralph Lauren Expands in Brazil with Sao Paulo Store
Apr 13 15
Ralph Lauren expands in Brazil with Sao Paulo store. The store, on the ground floor of Cidade Jardim, spans more than 9,100 square feet of retail space and will sell clothing collections, along with accessories and leather goods, footwear and timepieces.
Ralph Lauren Corporation Announces Management Changes
Apr 2 15
Ralph Lauren Corporation announced changes to its Executive Management Team to more effectively align senior leadership roles with its previously announced organization shift to a global brand management business model. These changes will elevate and broaden the responsibilities of certain key executives. Jackwyn Nemerov will continue in her role as President & Chief Operating Officer and a member of the company's Board of Directors. During her tenure, Ms. Nemerov's leadership has been central to the Company's long and highly successful period of profitable global expansion. Reporting to Ms. Nemerov will be the Group Presidents for Europe, Asia-Pacific and the Americas in addition to Wholesale, Retail, e-commerce and Licensing. Ms. Nemerov joined the Company in 2004, was named to the Board of Directors in 2007 and will continue to report directly to Mr. Lauren. Christopher H. Peterson, previously Executive Vice President, Chief Administrative Officer and Chief Financial Officer, has been promoted to the newly created position of President, Global Brands. Reporting to Mr. Peterson will be the Global Brand Presidents, the Chief Financial Officer, Global Real Estate, and Investor Relations. Mr. Peterson joined the Company in 2012, and will continue to report directly to Mr. Lauren. Mitchell A. Kosh, previously Executive Vice President of Human Resources, has been promoted to Executive Vice President and Chief Administrative Officer. During his tenure with the Company, Mr. Kosh has played a key role in the development of a high performing and effective global organization. In this new role, Mr. Kosh will lead the integration of key functional areas to align with the new organizational architecture. Reporting to Mr. Kosh will be the Global heads of Human Resources, Information Technology, Legal, Corporate Services and Facilities, Internal Branding and Communications, and Corporate Social Responsibility. Mr. Kosh, who joined the Company in 2000, will continue to report directly to Mr. Lauren. Robert L. Madore, previously Senior Vice President of Finance, has been promoted to Senior Vice President and Chief Financial Officer. During his tenure with the Company, Mr. Madore has held a number of key financial and operational roles. His deep understanding of both the financial and operational aspects of the company make him ideally suited to assume the role of Chief Financial Officer. Reporting to Mr. Madore will be the Accounting, Finance, Treasury, Tax and Internal Audit functions. In addition, Mr. Madore will share oversight and management of divisional financial operations. Mr. Madore joined the Company in 2004 and will continue to report to Mr. Peterson. Valerie Hermann will continue in her role as President of Ralph Lauren Luxury Brands. Ms. Hermann joined the company in April of 2014. Her formidable experience honed over many years within the luxury sector at companies including Christian Dior, and as President of Yves Saint Laurent, has enabled her to build a strategic framework for its luxury collections. Reporting to Ms. Hermann are the Ralph Lauren Luxury and RRL Global Brand teams and US Luxury and RRL Retail formats. Ms. Hermann will continue to report directly to Mr. Lauren.
Ralph Lauren Corporation Enters into Amended and Restated Credit Agreement
Feb 18 15
On February 11, 2015, Ralph Lauren Corporation and certain of its foreign subsidiaries (collectively with the company, the borrowers) entered into a definitive amended and restated credit agreement for a revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent, Bank of America, N.A. as syndication agent, Wells Fargo Bank, N.A., HSBC Bank USA, N.A. and Deutsche Bank Securities Inc. as co-documentation agents, and a syndicate of financial institutions and institutional lenders. The agreement amended and restated the company’s credit agreement, dated as of March 10, 2011, by and among the company, certain of its foreign subsidiaries, the lenders party thereto, the administrative agent, and Bank of America, N.A., Wells Fargo Bank, N.A., HSBC Bank USA, N.A. and Deutsche Bank AG New York Branch as syndication agents. The facility may be used to finance the working capital needs, capital expenditures, certain investments and general corporate purposes of the borrowers and their subsidiaries (which may include commercial paper back-up) and for short-term funding of acquisitions. Certain terms and conditions of the Facility are as follows: Structure. The agreement provides for a five-year senior revolving credit facility in an aggregate amount at any one time outstanding of up to $500 million, including sub-facilities for letters of credit. In addition, the agreement provides that the revolving commitments under the facility may be increased to $750 million, subject to certain terms and conditions. The facility will mature in February 2020. Loans may be made, at the borrowers’ election, in Euros, Hong Kong Dollars, Japanese Yen and certain other currencies, in addition to U.S. Dollars. Letters of credit. The facility will be available for the issuance of letters of credit by the administrative agent or one or more other lenders. Standby letters of credit may be issued in respect of obligations of the company or any of its subsidiaries incurred pursuant to contracts made or performances undertaken, or to be undertaken, or like matters relating to contracts to which the company or any of its subsidiaries is, or proposes to become, a party in the ordinary course of business, including, but not limited to, for insurance purposes and in connection with lease transactions. Commercial letters of credit may be issued to finance purchases of goods by the company and its subsidiaries in the ordinary course of business. The aggregate amount outstanding at any time with respect to letters of credit may not exceed $50 million. Interest rates and fees. Pursuant to the agreement, borrowings under the facility bear interest at a rate per annum equal to, at the borrowers’ option, either (a) an alternate base rate or (b) a rate based on the rates applicable for deposits in the interbank market for U.S. Dollars or the applicable currency in which the loans are made plus an applicable margin. The applicable margin for Adjusted LIBO Rate loans will be adjusted by reference to a grid based on ratings for the company’s senior, unsecured long-term indebtedness provided by established ratings agencies. Additionally, the borrowers will pay a commitment fee, calculated at a rate per annum determined in accordance with the Pricing Grid, on the average daily unused amount of the facility, payable quarterly in arrears, and certain fees with respect to letters of credit that are issued. Optional prepayments and commitment reductions. Loans under the agreement may be prepaid and commitments may be terminated or reduced by the borrowers without premium or penalty (other than breakage costs described below under yield protection”) in minimum amounts of generally, in the case of prepayments, $500,000, and in the case of partial commitment reductions, $1 million.