Ralph Lauren’s Fortune Falls $866 Million as Shares Plummet 18%Caleb Melby
Billionaire Ralph Lauren’s fortune dropped $866 million to $6.3 billion today as his namesake fashion retailer plummeted 18 percent.
Net income at New York-based Ralph Lauren Corp. fell 9.3 percent in the third quarter compared to last year, the company said in a statement. It also faces headwinds with its operating income next fiscal year as the dollar appreciates against the euro and other currencies, executives said today on a conference call.
The stock declined $31.12 from yesterday’s close to $139.71, the biggest percentage drop in 16 years. The hit brought Lauren’s 44 percent economic interest in the company to $3.8 billion. He also has stock options worth $131 million, according to the Bloomberg Billionaires Index.
Lauren has sold more than $1.5 billion in stock and has received more than $175 million in dividends since his company first sold shares to the public in 1997. He owns properties in New York, Colorado and Jamaica. He also has a classic car collection.
Craig Smith, a wealth manager for Lauren, didn’t immediately respond to a phone call and e-mail seeking comment.
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