Ralph Lauren is opening up full-price stores in Canada.
The fashion brand, which currently operates outlet and factory stores in Canada, will launch full-price stores in Toronto in 2023, the brand’s head of retail in North America Georgi Gvakharia announced in a LinkedIn post on late Thursday.
The announcement comes shortly after Ralph Lauren provided an in depth look at its current growth strategy — dubbed the “Next Great Chapter: Accelerate” — at its investor day last month. The plan calls for a continuation of its streamlined retail strategy, a doubling down on its direct channels and a plan to open more than 250 stores over the next three years.
Ralph Lauren declined to comment on specific store openings in Canada.
In North American, Ralph Lauren’s retail business consists of Ralph Lauren stores, factory — or outlet — stores, and its digital commerce site. The company also sells products via wholesale partnerships in the U.S. and Canada. As of July 2, Ralph Lauren operated 238 freestanding stores in North America.
According to its website, Ralph Lauren currently operates 12 factory stores in Canada and no full-price stores.
At its investor day last month, Ralph Lauren North American head Bob Ranftl said the company wants to open 15 to 20 new full-price stores in North America. At the same time, the brand is reducing its wholesale presence and exiting lower-tier department stores.
“We have developed a clear and proven strategy and the full price store opportunities are just one touch point that’s driving the overall ecosystem and overall market growth,” Ranftl said, explaining that he sees North America as one of the biggest drivers of growth for the company over the next three years.
President and CEO Patrice Louvet noted at the investor day that Ralph Lauren is reestablishing its standing as a strong luxury fashion player. “Our ‘Next Great Chapter: Accelerate’ plan is grounded in this meaningful progress, building on our elevated brand positioning and desirability; our distinctive, timeless products and experiences across multiple categories; and our expanding reach in key cities around the world,” he said.