Item 1.    Business.

General

Founded in 1967 by Mr. Ralph Lauren, we are a global leader in the design, marketing, and distribution of luxury lifestyle products, including apparel, handbags, footwear & accessories, fragrances, home, and hospitality. For nearly 60 years, Ralph Lauren has sought to inspire the dream of a better life through authenticity and timeless style. Our long-standing reputation and distinctive image have been developed across a wide range of products, brands, distribution channels, and international markets. We believe that our global reach, breadth of lifestyle product offerings, and multi-channel distribution network are unique among luxury and apparel companies.We diversify our business by geography (North America, Europe, and Asia, among other regions) and channel of distribution (retail, wholesale, and licensing). This allows us to maintain a dynamic balance as our operating results do not depend solely on the performance of any single geographic area or channel of distribution. We sell directly to consumers through our integrated retail channel, which includes our retail stores, concession-based shop-within-shops, and digital commerce operations around the world. Our wholesale sales are made principally to major department stores, specialty stores, and third-party digital partners around the world, as well as to certain third-party-owned stores to which we have licensed the right to operate in defined geographic territories using our trademarks. In addition, we license to third parties for specified periods and geographies the right to access our various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel categories, eyewear, fragrances, and home furnishings.We organize our business into the following three reportable segments: North America, Europe, and Asia. In addition to these reportable segments, we also have other non-reportable segments. See "Our Segments" for further discussion of our segment reporting structure.Our global reach is extensive, as we sell directly to customers throughout the world via our 594 retail stores and 644 concession-based shop-within-shops, as well as through our own digital commerce sites and those of various third-party digital partners. Merchandise is also available through our wholesale distribution channels at approximately 9,500 doors worldwide, the majority in specialty stores, as well as through the digital commerce sites of many of our wholesale customers. In addition to our directly-operated stores and shops, our international licensing partners operate 135 stores.We have been controlled by the Lauren family since the founding of our Company. As of March 28, 2026, Mr. R. Lauren, or entities controlled by the Lauren family, held approximately 85% of the voting power of the Company's outstanding common stock.

Objectives and Opportunities

Our purpose is to inspire the dream of a better life through authenticity and timeless style. We believe that our size and the global scope of our operations provide us with design, sourcing, and distribution synergies across our business. Our core strengths include a portfolio of luxury lifestyle products spanning across five categories: Apparel, Handbags, footwear & accessories, Fragrances, Home, and Hospitality; a well-diversified global multi-channel distribution network; an investment philosophy supported by a strong balance sheet; and an experienced management team. Despite the various risks and uncertainties associated with the current global economic environment, as discussed further in Item 7 — "Management's Discussion and Analysis of Financial Condition and Results of Operations — Global Economic Conditions and Industry Trends," we believe our core strengths will allow us to effectively execute our long-term growth strategy.During our September 2025 Investor Day, we introduced our current 3-year long-term growth strategy for Fiscal 2026 to Fiscal 2028, which is presented below:

Global Citizenship and Sustainability

Our Global Citizenship & Sustainability work focuses on enhancing the resilience of the teams, communities, partners and natural resources that are essential to our business. Timeless by Design is our intentional approach to driving positive impact across our value chain. Building on the meaningful progress made over the past several years, the next phase of our strategy, Timeless by Design 2030, advances our efforts with a focus on four pillars: Partner for Impact, Protect Natural Resources, Engage & Enable Teams, and Care for Communities.

1.Partner for Impact

Our supply chain efforts integrate risk assessment, monitoring, remediation, capability building and stakeholder engagement. We seek to strengthen supplier relationships, increase transparency and traceability, advance empowerment and life-skills programs for the people who make our products and ensure systems are in place to deliver fair and timely compensation. We also collaborate with industry partners and other stakeholders to address shared challenges, including supply chain decarbonization and responsible sourcing. We have established targets to reduce greenhouse gas emissions across our operations and supply chain and to improve water-use efficiency, particularly in water‑stressed basins.

2.Protect Natural Resources

Our business depends on long-term access to natural resources, including raw materials and water. We seek to advance efforts to enhance the resilience of natural resources and reduce our environmental impact and sourcing risk. Our approach includes work related to soil health, waste management, circularity, chemical management and biodiversity. We work to minimize waste and divert materials from landfill and incineration, and we are committed to the responsible management of chemicals used in our products and processes.We also work to address key climate and nature-related impacts of natural materials, including cotton and other plant and animal-based textiles. We source materials that meet defined preferred attributes and engage partners to improve soil health and strengthen land management and animal welfare practices. As part of our integrated biodiversity approach, we are focusing on the most pressing nature issues for the Company — water quality, soil health and biodiversity — and aligning these efforts with our goals related to climate, water stewardship and chemical management.

3.Engage & Enable Teams

Our people are central to our success. We work to create an environment where everyone feels valued and teams can harness their passion and creativity to inspire our customers to dream in a way that only Ralph Lauren can. We do this through opportunities for growth and development, supporting their well-being and by fostering a culture of belonging — creating an employee experience that attracts and retains the industry's best talent.Our approach to belonging and equity prioritizes open dialogue by amplifying all perspectives through year-round heritage events and structured programming. We also provide comprehensive benefits and wellness offerings that support employees' physical, emotional, social and financial well‑being, helping our teams thrive and contribute to the long-term success of the Company. To build a strong, connected global team, our career framework supports our growth through learning and development experiences, including the Ralph Lauren Mentoring Program, workshops and e-learnings. We track our progress through our annual employee survey, with a continued focus on maintaining a high-performing score.

4.Care for Communities

We work to uplift the communities we serve globally through philanthropic giving, employee volunteering and strategic partnerships that advance opportunities to enable the dream of a better life for all. Our community efforts include contributions made by the Company to the The Ralph Lauren Corporate Foundation and other non-profit charitable organizations, as well as employee‑led volunteer initiatives.A central focus of our community engagement is Pink Pony, our long‑standing initiative in the fight against cancer, supporting programs for research, screenings, early diagnosis, treatment, education and patient navigation. Additionally, our Community Outreach & Impact and Ralph Lauren Gives Back programs drive our work to care for the communities we serve. Our most recently published Global Citizenship & Sustainability Report covering Fiscal 2025 may be found on our corporate website at https://corporate.ralphlauren.com/citizenship-and-sustainability. Our Global Citizenship & Sustainability Report covering Fiscal 2026 is expected to be released in September 2026. The content of our sustainability reports is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC. See Item 1A — "Risk Factors — Risks Related to Citizenship and Sustainability Issues."

1.Partner for Impact

Our supply chain efforts integrate risk assessment, monitoring, remediation, capability building and stakeholder engagement. We seek to strengthen supplier relationships, increase transparency and traceability, advance empowerment and life-skills programs for the people who make our products and ensure systems are in place to deliver fair and timely compensation. We also collaborate with industry partners and other stakeholders to address shared challenges, including supply chain decarbonization and responsible sourcing. We have established targets to reduce greenhouse gas emissions across our operations and supply chain and to improve water-use efficiency, particularly in water‑stressed basins.

2.Protect Natural Resources

Our business depends on long-term access to natural resources, including raw materials and water. We seek to advance efforts to enhance the resilience of natural resources and reduce our environmental impact and sourcing risk. Our approach includes work related to soil health, waste management, circularity, chemical management and biodiversity. We work to minimize waste and divert materials from landfill and incineration, and we are committed to the responsible management of chemicals used in our products and processes.We also work to address key climate and nature-related impacts of natural materials, including cotton and other plant and animal-based textiles. We source materials that meet defined preferred attributes and engage partners to improve soil health and strengthen land management and animal welfare practices. As part of our integrated biodiversity approach, we are focusing on the most pressing nature issues for the Company — water quality, soil health and biodiversity — and aligning these efforts with our goals related to climate, water stewardship and chemical management.

3.Engage & Enable Teams

Our people are central to our success. We work to create an environment where everyone feels valued and teams can harness their passion and creativity to inspire our customers to dream in a way that only Ralph Lauren can. We do this through opportunities for growth and development, supporting their well-being and by fostering a culture of belonging — creating an employee experience that attracts and retains the industry's best talent.Our approach to belonging and equity prioritizes open dialogue by amplifying all perspectives through year-round heritage events and structured programming. We also provide comprehensive benefits and wellness offerings that support employees' physical, emotional, social and financial well‑being, helping our teams thrive and contribute to the long-term success of the Company. To build a strong, connected global team, our career framework supports our growth through learning and development experiences, including the Ralph Lauren Mentoring Program, workshops and e-learnings. We track our progress through our annual employee survey, with a continued focus on maintaining a high-performing score.

4.Care for Communities

We work to uplift the communities we serve globally through philanthropic giving, employee volunteering and strategic partnerships that advance opportunities to enable the dream of a better life for all. Our community efforts include contributions made by the Company to the The Ralph Lauren Corporate Foundation and other non-profit charitable organizations, as well as employee‑led volunteer initiatives.A central focus of our community engagement is Pink Pony, our long‑standing initiative in the fight against cancer, supporting programs for research, screenings, early diagnosis, treatment, education and patient navigation. Additionally, our Community Outreach & Impact and Ralph Lauren Gives Back programs drive our work to care for the communities we serve. Our most recently published Global Citizenship & Sustainability Report covering Fiscal 2025 may be found on our corporate website at https://corporate.ralphlauren.com/citizenship-and-sustainability. Our Global Citizenship & Sustainability Report covering Fiscal 2026 is expected to be released in September 2026. The content of our sustainability reports is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC. See Item 1A — "Risk Factors — Risks Related to Citizenship and Sustainability Issues."

Recent Developments

Next Generation Transformation Project

We began a multi-year global project in Fiscal 2024 that is expected to significantly transform the way in which we operate our business and further enable our long-term strategic pivot towards a global direct-to-consumer-oriented model (the "Next Generation Transformation project" or "NGT project"). The NGT project is expected to continue over the next several years, with implementation expected to occur in phases by region and/or capability, and involves the redesigning of certain end-to-end processes and the implementation of a suite of technology systems on a global scale. Such efforts are expected to result in significant process improvements and the creation of synergies across core areas of operations, as well as financial planning and reporting, better enabling us to optimize inventory levels and increase the speed with which we react to changes in consumer demand across markets, among other benefits.During Fiscal 2026, we continued to advance key workstreams under the NGT project including completion of global design templates that support our core enterprise resource planning platform and related processes, automating certain distribution center operations, and progressing the global roll-out of merchandise allocation and long-range demand planning tools.In connection with the NGT project, we incurred other charges of $83.9 million, $25.2 million, and $5.1 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, which were recorded within restructuring and other charges, net in the consolidated statements of operations.

Next Generation Transformation Project

We began a multi-year global project in Fiscal 2024 that is expected to significantly transform the way in which we operate our business and further enable our long-term strategic pivot towards a global direct-to-consumer-oriented model (the "Next Generation Transformation project" or "NGT project"). The NGT project is expected to continue over the next several years, with implementation expected to occur in phases by region and/or capability, and involves the redesigning of certain end-to-end processes and the implementation of a suite of technology systems on a global scale. Such efforts are expected to result in significant process improvements and the creation of synergies across core areas of operations, as well as financial planning and reporting, better enabling us to optimize inventory levels and increase the speed with which we react to changes in consumer demand across markets, among other benefits.During Fiscal 2026, we continued to advance key workstreams under the NGT project including completion of global design templates that support our core enterprise resource planning platform and related processes, automating certain distribution center operations, and progressing the global roll-out of merchandise allocation and long-range demand planning tools.In connection with the NGT project, we incurred other charges of $83.9 million, $25.2 million, and $5.1 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, which were recorded within restructuring and other charges, net in the consolidated statements of operations.

Our Brands and Products

Our products, which include apparel and handbags, footwear & accessories for men, women, and children, as well as our fragrance and home collections, together with our hospitality portfolio, comprise one of the most widely recognized families of consumer brands. Reflecting a distinctive American perspective, we have been an innovator in aspirational lifestyle branding and believe that, under the direction of internationally renowned designer Mr. Ralph Lauren, we have had a considerable influence on the way people dress and the way that fashion is advertised throughout the world. We combine consumer insight with our design, marketing, and imaging skills to offer, along with our licensing alliances, broad lifestyle product collections with a unified vision:•Apparel — Our apparel products include extensive collections of men's, women's, and children's clothing, which are sold under various brand names, including Ralph Lauren Collection, Ralph Lauren Purple Label, Double RL, Polo Ralph Lauren, Lauren Ralph Lauren, Polo Sport, RLX Ralph Lauren, Polo Ralph Lauren Children, and Chaps, among others.•Handbags, Footwear & Accessories — Our women's handbag collections embody the brand's commitment to timeless luxury and exceptional craftsmanship, created to be both functional and aspirational while upholding our heritage of quality and sophistication. Our range of handbags, footwear & accessories encompasses men's, women's, and children's, including handbags, casual shoes, dress shoes, boots, sneakers, sandals, eyewear, watches, fashion and fine jewelry, scarves, hats, gloves, umbrellas, luggage, small leather goods, and belts, which are sold under our Ralph Lauren Collection, Ralph Lauren Purple Label, Double RL, Polo Ralph Lauren, Lauren Ralph Lauren, RLX Ralph Lauren, Polo Ralph Lauren Children, and Chaps brands. •Fragrance — Our fragrance offerings capture the essence of Ralph Lauren's men's and women's brands with numerous labels, designed to appeal to a variety of audiences. Women's fragrance products are sold under our Romance Collection, and Ralph Collection. Men's fragrance products are sold under our Ralph's Club, Purple Label, Polo Blue, Polo Red, Polo Green, Polo Black, Polo 67, Safari, Polo Sport, and Big Pony Men's brands. Our fragrance offerings also include Polo Earth, a gender-neutral fragrance designed with sustainability in mind, made of 97% natural-origin ingredients.•Home — Our home collections, which are sold primarily under our Ralph Lauren, Polo, Lauren by Ralph Lauren, and Chaps brands, reflect the spirit of the Ralph Lauren lifestyle. Our range of home products includes bed and bath lines, furniture, fabric and wall coverings, lighting, dining, floor coverings, and giftware, among others.•Hospitality — Continuing to engage our consumers with experiential and unique expressions of the brand, our hospitality portfolio is a natural extension of the World of Ralph Lauren as expressed through the culinary arts. Ralph Lauren's global hospitality collection is comprised of our restaurants including The Polo Bar in New York City, RL Restaurant located in Chicago, Ralph's located in Paris, The Bar at Ralph Lauren located in Milan, Ralph's Bar located in Chengdu, and our Ralph's Coffee concept in various cities around the world. Our lifestyle brand image is reinforced by our distribution through our stores and concession-based shop-within-shops, our wholesale channels of distribution, our global digital commerce sites, and our Ralph Lauren restaurants and cafés. We sell our products under the following key brand platforms:1.Ralph Lauren Luxury — Our Luxury group includes:Ralph Lauren Collection and Ralph Lauren Purple Label. Ralph Lauren Collection embodies the highest expression of chic, feminine glamour. Each piece is inspired by a vision of timeless luxury and modern elegance and is crafted with unparalleled passion and artistry. For men, Ralph Lauren Purple Label is the ultimate expression of luxury for the modern gentleman. Refined suitings are hand-tailored, including custom made-to-measure suits crafted in the time-honored traditions of Savile Row. Purple Label's sophisticated sportswear is designed with a meticulous attention to detail, capturing the elegance and ease of Ralph Lauren's signature, timeless style. Ralph Lauren Collection and Ralph Lauren Purple Label are made predominantly in Italy with the utmost attention to detail and quality and are available in select Ralph Lauren stores around the world, an exclusive selection of the finest specialty stores, and online at our Ralph Lauren digital commerce sites, including RalphLauren.com.Double RL. Named after Ralph Lauren's working cattle ranch in Colorado, Double RL is a tribute to America's pioneering spirit and tradition of rugged independence. The foundation of Double RL lies in timeless wardrobe staples for men and women, including authentic American-made selvedge denim jeans, military-grade chinos, tube-knit t-shirts, thermals, and flannels. Beyond these iconic styles are added seasonal vintage-inspired collections, along with a full collection of footwear & accessories, including quality belts, bags, and leather goods. Double RL is available at Double RL stores, at select Ralph Lauren stores, and an exclusive selection of the finest specialty stores around the world, as well as online at our Ralph Lauren digital commerce sites, including RalphLauren.com.Ralph Lauren Home. Ralph Lauren Home represents a full expression of modern luxury — style is a life well-lived. Based on an immersive design ethos, the collection includes furniture, lighting, bed and bath linens, tabletop, decorative accessories and gifts, as well as fabric, wallcoverings, and floorcoverings. Each piece is crafted with the greatest attention to detail. Ralph Lauren Home offers exclusive luxury goods at select Ralph Lauren stores and select wholesale partners, home specialty stores, trade showrooms, and online at our Ralph Lauren digital commerce site, RalphLauren.com.Ralph Lauren Watches and Jewelry. We offer a premier collection of Swiss-made timepieces, which embody Ralph Lauren's passion for impeccable quality and exquisite design. We also offer premium collections of jewelry, which capture the glamour and craftsmanship of Ralph Lauren's most luxurious designs, from everyday collections to the most refined and precious materials. Ralph Lauren watches and jewelry are available online at RalphLauren.com, at select Ralph Lauren stores, and a few of the finest watch and jewelry retailers around the world.2.Polo Ralph Lauren — Our Polo Ralph Lauren group includes:Polo Ralph Lauren. Men's Polo embodies the spirit of authenticity and timeless style inspired by the way men live, allowing them to express their individuality and personal style. Heritage preppy icons like oxford shirts, chinos, and mesh polos are combined with signature tailored clothing. Sport-inspired silhouettes, utility icons and sophisticated modern sportswear round out the collection's needs for all of our consumers. Women's Polo is the reference point for warm, joyful, refined American style for women all around the world. Polo Sport remains inspired by its origin story combining streetwear codes through the lens of sport style. Polo's signature aesthetic includes our renowned polo player logo. Men's and Women's Polo apparel and footwear & accessories are available in Ralph Lauren stores around the world, better department and specialty stores, and online at our Ralph Lauren digital commerce sites, including RalphLauren.com. Polo Ralph Lauren Children. Polo Ralph Lauren Children is designed to reflect the timeless heritage and modern spirit of Ralph Lauren's collections for men and women. Signature classics include iconic polo knit shirts and luxurious cashmere cable-knit sweaters. Polo Ralph Lauren Children is available in a full range of sizes, from baby to girls 2-16 and boys 2-20. Polo Ralph Lauren Children can be found in select Ralph Lauren stores around the world, better department stores, and online at our Ralph Lauren digital commerce sites, including RalphLauren.com, as well as certain of our retail partners' digital commerce sites.RLX Ralph Lauren. RLX is the leading edge of Ralph Lauren's performance and activewear. Comprised of functional apparel that address the performance needs of a modern active lifestyle, RLX includes men's and women's apparel and accessories that represent Ralph Lauren's belief that things that are purposefully designed and made of the highest quality achieve a timeless elegance. Our RLX products are tested and worn by top-ranked professional golfers. With a sharpened focus on the needs of the modern player but rooted in the rich design tradition of Ralph Lauren, we offer Golf-focused collections that combine state-of-the-art performance wear with luxurious finishing touches. Our Golf collections are available in select Ralph Lauren stores, exclusive private clubs and resorts, and online at RalphLauren.com.Pink Pony. The Pink Pony campaign is our worldwide initiative in the fight against cancer. In the U.S., a percentage of sales from Pink Pony products benefit the Pink Pony Fund of The Ralph Lauren Corporate Foundation, which supports cancer-related programs for early diagnosis, education, treatment, and research, and is dedicated to bringing patient navigation and quality cancer care to medically underserved communities. Internationally, a network of local cancer charities around the world benefit from the sale of Pink Pony products. Pink Pony consists of dual gender sportswear and accessories. Pink Pony items feature our iconic polo player — a symbol of our commitment to the fight against cancer. Pink Pony is available at select Ralph Lauren stores and online at our Ralph Lauren digital commerce sites, including RalphLauren.com. Pink Pony is also available at select wholesale partners' stores and digital commerce sites.3.Lauren Ralph Lauren — Our Lauren group includes:Lauren Ralph Lauren. Lauren for women combines aspirational timeless style with modern femininity in a lifestyle collection of sportswear, denim, and dresses, as well as handbags, footwear & accessories. Lauren for women is available in select department stores around the world and online at select digital commerce sites, including RalphLauren.com.Lauren Home. Lauren Home collection includes accessibly-priced, timeless bath and bedding collections, as well as lighting and floor coverings. The collection is built upon an assortment of essentials that is designed to be mixed with seasonal updates, all rooted in the brand's classic style.4.Chaps — Chaps celebrates real American style, delivering classic collections updated for modern lifestyles for men, women, children and home. The modern lifestyle collection offers versatile sportswear, workday essentials, tailored clothing, and occasion dresses that are wearable from season to season. Chaps is available in select department stores and mass merchant stores, as well as their digital commerce sites across the U.S., Canada, and Mexico.

Our Segments

We organize our business into the following three reportable segments:•North America — Our North America segment, representing approximately 41% of our Fiscal 2026 net revenues, primarily consists of sales of our Ralph Lauren branded apparel, handbags, footwear & accessories, home, and related products made through our retail and wholesale businesses primarily in the U.S. and Canada. In North America, our retail business is primarily comprised of our Ralph Lauren stores, our outlet stores, and our digital commerce sites, www.RalphLauren.com and www.RalphLauren.ca. Our wholesale business in North America is comprised primarily of sales to department stores and, to a lesser extent, specialty stores. •Europe — Our Europe segment, representing approximately 31% of our Fiscal 2026 net revenues, primarily consists of sales of our Ralph Lauren branded apparel, handbags, footwear & accessories, home, and related products made through our retail and wholesale businesses in Europe and emerging markets. In Europe, our retail business is primarily comprised of our Ralph Lauren stores, our outlet stores, our concession-based shop-within-shops, and our various digital commerce sites. Our wholesale business in Europe is comprised primarily of a varying mix of sales to both department stores and specialty stores, depending on the country, as well as to various third-party digital and licensee partners.•Asia — Our Asia segment, representing approximately 26% of our Fiscal 2026 net revenues, primarily consists of sales of our Ralph Lauren branded apparel, handbags, footwear & accessories, home, and related products made through our retail and wholesale businesses in Asia, Australia, and New Zealand. Our retail business in Asia is primarily comprised of our Ralph Lauren stores, our outlet stores, our concession-based shop-within-shops, and our various digital commerce sites. In addition, we sell our products online through various third-party digital partner commerce sites. Our wholesale business in Asia is comprised primarily of sales to department stores and various third-party digital and licensee partners.No operating segments were aggregated to form our reportable segments. In addition to these reportable segments, we also have other non-reportable segments, representing approximately 2% of our Fiscal 2026 net revenues, which primarily consist of Ralph Lauren and Chaps branded royalty revenues earned through our global licensing alliances.This segment structure is consistent with how we establish our overall business strategy, allocate resources, and assess performance of our Company.Approximately 59% of our Fiscal 2026 net revenues were earned outside of the U.S. See Note 19 to the accompanying consolidated financial statements for a summary of net revenues by segment and by geographic location, as well as additional financial metrics by segment.

Our Retail Business

Our retail business sells directly to customers throughout the world via our 594 retail stores and 644 concession-based shop-within-shops, totaling approximately 4.1 million and 0.7 million square feet, respectively, as well as through our own digital commerce sites and those of various third-party digital partners. We operate our business using a global omni-channel retailing strategy that seeks to deliver an integrated shopping experience with a consistent message of our brands and products to our customers, regardless of whether they are shopping for our products in physical stores or online. We also continue to scale and expand our Online to Offline capabilities to enhance the consumer experience, which include Online Appointment Bookings, Digital Clienteling, Endless Aisle, Buy Online-Ship from Store, Buy Online-Pick Up in Store, Same-Day Delivery, and Mobile Point of Sale and contactless payments, among other capabilities.

Ralph Lauren Stores

Our Ralph Lauren stores feature a broad range of apparel, handbags, footwear & accessories, watch and jewelry, fragrance, and home product assortments in an atmosphere reflecting the distinctive attitude and image of the Ralph Lauren, Polo, and Double RL brands, including exclusive merchandise that is not sold in department stores. During Fiscal 2026, we opened 48 new Ralph Lauren stores and closed 13 stores. Our Ralph Lauren stores are primarily situated in major upscale street locations and upscale regional malls, generally in large urban markets.The following table presents the number of Ralph Lauren stores by segment as of March 28, 2026: [Table with ~4 rows, ~4 numbers, and 60 characters.] Our 9 flagship Ralph Lauren regional store locations showcase our iconic styles and products and demonstrate our most refined merchandising techniques. In addition to generating sales of our products, our worldwide Ralph Lauren stores establish, reinforce, and capitalize on the image of our brands and lifestyle experience. Our Ralph Lauren stores range in size from approximately 400 to 37,900 square feet.

Outlet Stores

We extend our reach to additional consumer groups through our outlet stores worldwide, which are principally located in major outlet centers. Our worldwide outlet stores offer selections of our apparel, handbags, footwear & accessories, and fragrances. In addition to these product offerings, certain of our worldwide outlet stores offer home product assortments. During Fiscal 2026, we opened 11 new outlet stores and closed 16 stores.The following table presents the number of outlet stores by segment as of March 28, 2026: [Table with ~4 rows, ~4 numbers, and 54 characters.] Our outlet stores range in size from approximately 1,100 to 28,300 square feet. Outlet stores obtain products from our suppliers, our product licensing partners, and our other retail stores and digital commerce operations, and also serve as a secondary distribution channel for our excess and out-of-season products.

Concession-based Shop-within-Shops

The terms of trade for shop-within-shops are largely conducted on a concession basis, whereby inventory continues to be owned by us (not the department store) until ultimate sale to the end consumer. The salespeople involved in the sales transactions are generally our employees and not those of the department store.The following table presents the number of concession-based shop-within-shops by segment as of March 28, 2026: [Table with ~4 rows, ~3 numbers, and 77 characters.] (a)     Our concession-based shop-within-shops were located at approximately 300 retail locations.The size of our concession-based shop-within-shops ranges from approximately 100 to 5,500 square feet. We may share in the cost of building out certain of these shop-within-shops with our department store partners.

Directly-Operated Digital Commerce Websites

In addition to our stores, our retail business sells products online in North America, Europe, and Asia through our various directly-operated digital commerce sites, which include www.RalphLauren.com, among others. We continue to expand accessibility to our digital flagships globally while localizing language, currencies, payment methods, product assortments, and content. We also sell our products online through various third-party digital partner commerce sites, primarily in Asia, as well as through our Ralph Lauren app in the U.S. and Canada.Our Ralph Lauren digital commerce sites offer our customers access to a broad array of Ralph Lauren, Double RL, Polo, and Lauren apparel, handbags, footwear & accessories, watch and jewelry, fragrance, and home product assortments, and reinforce the luxury image of our brands. While investing in digital commerce operations remains a primary focus, it is an extension of our investment in the integrated omni-channel strategy used to operate our overall retail business, in which our digital commerce operations are interdependent with our physical stores.

Ralph Lauren Stores

Our Ralph Lauren stores feature a broad range of apparel, handbags, footwear & accessories, watch and jewelry, fragrance, and home product assortments in an atmosphere reflecting the distinctive attitude and image of the Ralph Lauren, Polo, and Double RL brands, including exclusive merchandise that is not sold in department stores. During Fiscal 2026, we opened 48 new Ralph Lauren stores and closed 13 stores. Our Ralph Lauren stores are primarily situated in major upscale street locations and upscale regional malls, generally in large urban markets.The following table presents the number of Ralph Lauren stores by segment as of March 28, 2026: [Table with ~4 rows, ~4 numbers, and 60 characters.] Our 9 flagship Ralph Lauren regional store locations showcase our iconic styles and products and demonstrate our most refined merchandising techniques. In addition to generating sales of our products, our worldwide Ralph Lauren stores establish, reinforce, and capitalize on the image of our brands and lifestyle experience. Our Ralph Lauren stores range in size from approximately 400 to 37,900 square feet.

Outlet Stores

We extend our reach to additional consumer groups through our outlet stores worldwide, which are principally located in major outlet centers. Our worldwide outlet stores offer selections of our apparel, handbags, footwear & accessories, and fragrances. In addition to these product offerings, certain of our worldwide outlet stores offer home product assortments. During Fiscal 2026, we opened 11 new outlet stores and closed 16 stores.The following table presents the number of outlet stores by segment as of March 28, 2026: [Table with ~4 rows, ~4 numbers, and 54 characters.] Our outlet stores range in size from approximately 1,100 to 28,300 square feet. Outlet stores obtain products from our suppliers, our product licensing partners, and our other retail stores and digital commerce operations, and also serve as a secondary distribution channel for our excess and out-of-season products.

Concession-based Shop-within-Shops

The terms of trade for shop-within-shops are largely conducted on a concession basis, whereby inventory continues to be owned by us (not the department store) until ultimate sale to the end consumer. The salespeople involved in the sales transactions are generally our employees and not those of the department store.The following table presents the number of concession-based shop-within-shops by segment as of March 28, 2026: [Table with ~4 rows, ~3 numbers, and 77 characters.] (a)     Our concession-based shop-within-shops were located at approximately 300 retail locations.The size of our concession-based shop-within-shops ranges from approximately 100 to 5,500 square feet. We may share in the cost of building out certain of these shop-within-shops with our department store partners.

Directly-Operated Digital Commerce Websites

In addition to our stores, our retail business sells products online in North America, Europe, and Asia through our various directly-operated digital commerce sites, which include www.RalphLauren.com, among others. We continue to expand accessibility to our digital flagships globally while localizing language, currencies, payment methods, product assortments, and content. We also sell our products online through various third-party digital partner commerce sites, primarily in Asia, as well as through our Ralph Lauren app in the U.S. and Canada.Our Ralph Lauren digital commerce sites offer our customers access to a broad array of Ralph Lauren, Double RL, Polo, and Lauren apparel, handbags, footwear & accessories, watch and jewelry, fragrance, and home product assortments, and reinforce the luxury image of our brands. While investing in digital commerce operations remains a primary focus, it is an extension of our investment in the integrated omni-channel strategy used to operate our overall retail business, in which our digital commerce operations are interdependent with our physical stores.

Our Wholesale Business

Our wholesale business sells our products globally primarily to major department stores, specialty stores, and golf and pro shops, as well as to various third-party digital partners. We have continued to focus on elevating our brand by improving in-store product assortment and presentation, as well as full-price sell-throughs to consumers. As of the end of Fiscal 2026, our wholesale products were sold through approximately 9,500 doors worldwide, with the majority in specialty stores. Our products are also increasingly being sold through the digital commerce sites of many of our traditional wholesale customers and our third-party digital partners. The primary product offerings sold through our wholesale channels of distribution include apparel, handbags, footwear & accessories, and home product assortments. Our luxury brands, including Ralph Lauren Collection and Ralph Lauren Purple Label, are distributed worldwide through a limited number of premier fashion retailers. In North America, our wholesale business is comprised primarily of sales to department stores, and to a lesser extent, specialty stores. In Europe, our wholesale business is comprised primarily of a varying mix of sales to both department stores and specialty stores, depending on the country, as well as to various third-party digital partners. In Asia, our wholesale business is comprised primarily of sales to department stores and various third-party digital partners. We also distribute our wholesale products to certain licensed stores operated by our partners in Asia, Europe, Latin America, and emerging markets.We sell most of our excess and out-of-season products through secondary distribution channels worldwide, including our retail outlet stores.

Wholesale Distribution Channels

The following table presents by segment the approximate number of our primary full-price wholesale doors of distribution as of March 28, 2026: [Table with ~4 rows, ~4 numbers, and 54 characters.] In addition to our conventional wholesale doors, our products are increasingly being sold through the websites of many of our traditional wholesale customers, as well as those of our third-party digital partners. As of March 28, 2026, our wholesale business served approximately 110 third-party digital partners, primarily in Europe.We have three key wholesale customers that generate significant sales volume. During Fiscal 2026, sales to our three largest wholesale customers accounted for approximately 11% of our total net revenues. Approximately 70% of sales to our three largest wholesale customers related to our North America segment and approximately 30% related to our Europe segment.Our products are sold primarily by our own sales forces. Our wholesale business maintains its primary showrooms in New York City, as well as regional showrooms in London, Madrid, Milan, Munich, Paris, and Stockholm. In addition, we utilize virtual showrooms, allowing our customers to experience and discover our product assortments in a retail setting remotely. Shop-within-Shops.    As a critical element of our distribution to department stores, we and our licensing partners utilize shop-within-shops to enhance brand recognition, to permit more complete merchandising of our lines by the department stores, and to differentiate the presentation of our products. The following table presents by segment the approximate number of shop-within-shops in our primary full-price distribution network as of March 28, 2026: [Table with ~4 rows, ~4 numbers, and 69 characters.] The size of our shop-within-shops ranges from approximately 50 to 9,200 square feet. Shop-within-shop fixed assets primarily include items such as customized freestanding fixtures, wall cases and components, decorative items, and flooring. We normally share in the cost of building out these shop-within-shops with our wholesale customers. Replenishment Program.    Core products such as knit shirts, chino pants, oxford cloth shirts, select footwear & accessories, and home products can be ordered by our wholesale customers at any time through our replenishment program. We generally ship these products within two to five days of order receipt.Backlog.    We generally receive wholesale orders approximately three to five months prior to the time the products are delivered to customers, except for orders received through our replenishment program which ship within two to five days of order receipt. Our wholesale orders are generally subject to broad cancellation rights. Further, the size of our order backlog depends on several factors, including the timing of the market weeks for our particular lines during which a significant percentage of our orders are received and the timing of shipments, which varies from year-to-year with consideration for holidays, consumer trends, concept plans, and the replenishment program's usage. Consequently, the dollar amount of our backlog as of any date may not be indicative of actual future shipments and therefore is not meaningful in understanding our business as a whole.

Wholesale Distribution Channels

The following table presents by segment the approximate number of our primary full-price wholesale doors of distribution as of March 28, 2026: [Table with ~4 rows, ~4 numbers, and 54 characters.] In addition to our conventional wholesale doors, our products are increasingly being sold through the websites of many of our traditional wholesale customers, as well as those of our third-party digital partners. As of March 28, 2026, our wholesale business served approximately 110 third-party digital partners, primarily in Europe.We have three key wholesale customers that generate significant sales volume. During Fiscal 2026, sales to our three largest wholesale customers accounted for approximately 11% of our total net revenues. Approximately 70% of sales to our three largest wholesale customers related to our North America segment and approximately 30% related to our Europe segment.Our products are sold primarily by our own sales forces. Our wholesale business maintains its primary showrooms in New York City, as well as regional showrooms in London, Madrid, Milan, Munich, Paris, and Stockholm. In addition, we utilize virtual showrooms, allowing our customers to experience and discover our product assortments in a retail setting remotely. Shop-within-Shops.    As a critical element of our distribution to department stores, we and our licensing partners utilize shop-within-shops to enhance brand recognition, to permit more complete merchandising of our lines by the department stores, and to differentiate the presentation of our products. The following table presents by segment the approximate number of shop-within-shops in our primary full-price distribution network as of March 28, 2026: [Table with ~4 rows, ~4 numbers, and 69 characters.] The size of our shop-within-shops ranges from approximately 50 to 9,200 square feet. Shop-within-shop fixed assets primarily include items such as customized freestanding fixtures, wall cases and components, decorative items, and flooring. We normally share in the cost of building out these shop-within-shops with our wholesale customers. Replenishment Program.    Core products such as knit shirts, chino pants, oxford cloth shirts, select footwear & accessories, and home products can be ordered by our wholesale customers at any time through our replenishment program. We generally ship these products within two to five days of order receipt.Backlog.    We generally receive wholesale orders approximately three to five months prior to the time the products are delivered to customers, except for orders received through our replenishment program which ship within two to five days of order receipt. Our wholesale orders are generally subject to broad cancellation rights. Further, the size of our order backlog depends on several factors, including the timing of the market weeks for our particular lines during which a significant percentage of our orders are received and the timing of shipments, which varies from year-to-year with consideration for holidays, consumer trends, concept plans, and the replenishment program's usage. Consequently, the dollar amount of our backlog as of any date may not be indicative of actual future shipments and therefore is not meaningful in understanding our business as a whole.

Our Licensing Business

Through licensing alliances, we combine our consumer insight, design, and marketing skills with the specific product or geographic competencies of our licensing partners to create and build new businesses. We generally seek out licensing partners who are leaders in their respective markets, contribute the majority of product development costs, provide the operational infrastructure required to support the business, and own the inventory. Our licensing business has been aggregated with other non-reportable segments.

Product Licensing

We grant our product licensees the right to access our various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel categories, footwear, accessories, eyewear, fragrances, and home furnishings. Each product licensing partner pays us royalties based upon its sales of our products, generally subject to a minimum royalty requirement for the right to use our trademarks and design services. In addition, our licensing partners may be required to allocate a portion of their revenues to advertising our products and sharing in the creative costs associated with these products. Larger allocations typically are required in connection with launches of new products or in new territories. Our license agreements generally have three to five-year terms and may grant the licensees conditional renewal options.We work closely with all of our licensing partners to ensure that their products are developed, marketed, and distributed to reach the intended consumer and are presented consistently across product categories to convey the distinctive identity and lifestyle associated with our brands. Virtually all aspects of the design, production quality, packaging, merchandising, distribution, advertising, and promotion of Ralph Lauren products are subject to our prior approval and continuing oversight. We perform a broader range of services for most of our Ralph Lauren Home licensing partners than we do for our other licensing partners, including design, operating showrooms, marketing, and advertising.The following table lists our largest licensing agreements as of March 28, 2026 for the product categories presented. Except as noted in the table, these product licenses cover North America only. [Table with ~7 rows, ~2 numbers, and 822 characters.]

International Licensed Distribution

Our international licensing partners acquire the right to sell, promote, market, and/or distribute various categories of our products in a given geographic area and source products from us, our product licensing partners, and/or independent sources. International licensees' rights may include the right to own and operate retail stores. As of March 28, 2026, our international licensing partners operated 135 stores.

Product Licensing

We grant our product licensees the right to access our various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel categories, footwear, accessories, eyewear, fragrances, and home furnishings. Each product licensing partner pays us royalties based upon its sales of our products, generally subject to a minimum royalty requirement for the right to use our trademarks and design services. In addition, our licensing partners may be required to allocate a portion of their revenues to advertising our products and sharing in the creative costs associated with these products. Larger allocations typically are required in connection with launches of new products or in new territories. Our license agreements generally have three to five-year terms and may grant the licensees conditional renewal options.We work closely with all of our licensing partners to ensure that their products are developed, marketed, and distributed to reach the intended consumer and are presented consistently across product categories to convey the distinctive identity and lifestyle associated with our brands. Virtually all aspects of the design, production quality, packaging, merchandising, distribution, advertising, and promotion of Ralph Lauren products are subject to our prior approval and continuing oversight. We perform a broader range of services for most of our Ralph Lauren Home licensing partners than we do for our other licensing partners, including design, operating showrooms, marketing, and advertising.The following table lists our largest licensing agreements as of March 28, 2026 for the product categories presented. Except as noted in the table, these product licenses cover North America only. [Table with ~7 rows, ~2 numbers, and 822 characters.]

International Licensed Distribution

Our international licensing partners acquire the right to sell, promote, market, and/or distribute various categories of our products in a given geographic area and source products from us, our product licensing partners, and/or independent sources. International licensees' rights may include the right to own and operate retail stores. As of March 28, 2026, our international licensing partners operated 135 stores.

Digital Ecosystem

Investing in our digital ecosystem remains a primary focus and is a key component of our integrated global omni-channel strategy that spans across owned and partnered channels, both physical and digital. Our digital ecosystem is comprised of directly-operated platforms, wholesale partner websites, third-party digital pure players, social commerce, and third-party gaming platforms.Our directly-operated digital commerce sites and mobile application represent our digital flagships, featuring the most elevated expression of our brands. The strategy for our digital flagships is to deliver distinct and immersive brand experiences, continuously enhance consumer experience, and develop digital content that drives deeper consumer engagement and conversion. We are focused on expanding the reach of our global application across key markets worldwide. We continue to optimize our customer experience globally with the introduction of numerous features including Ask Ralph, a conversational artificial intelligence ("AI") shopping experience that invites consumers to engage with, and be inspired by, Ralph Lauren's unique and iconic take on style. In conjunction with introducing new features, we have focused on foundational needs ranging from platform enhancements to technology solutions to operational efficiencies. Driving our long-term growth strategy, we also continue to scale and expand our Online to Offline capabilities to enhance the consumer experience and leverage inventory across direct-to-consumer channels, which include Online Appointment Bookings, Digital Clienteling, Endless Aisle, Buy Online-Ship from Store, Buy Online-Pick up In Store, Same-Day Delivery, and Mobile Point of Sale and contactless payments, among other capabilities.Our products are also sold through the digital commerce sites of many of our wholesale customers across the globe. With all partners in our ecosystem, we seek to showcase the brand consistently with our values. We collaborate with our key wholesale customers to deliver the right content to the right audience, and leverage consumer insights to develop a holistic, channel-agnostic view of our consumer.We also sell our products online through various third-party digital pure-play sites to reach a broader audience of consumers, including younger consumers, and amplify our brand messages. On many of these sites, we have created digital shop-in-shop environments with a consistent brand experience, tailored product stories, and an assortment that is carefully curated by our merchants. We also partner closely with our pure-play customers on marketing content and events, as well as optimizing search and other data analyses to drive higher traffic and conversion for our brands. In connection with our digital commerce operations, we engage consumers through various digital and social media platforms, which are supported through our collaboration with influencers who have an authentic connection to our brand. Ralph Lauren brands are also represented in several gaming platforms, providing digital apparel offerings and virtual brand experiences that attract younger consumers.

Seasonality of Business

Our business is typically affected by seasonal trends, with higher levels of retail sales in our second and third fiscal quarters and higher wholesale sales in our second and fourth fiscal quarters. These trends result primarily from the timing of key vacation travel, back-to-school, and holiday shopping periods impacting our retail business and timing of seasonal wholesale shipments. As a result of changes in our business, consumer spending patterns, and the macroeconomic environment, including those resulting from pandemic diseases and other catastrophic events, historical quarterly operating trends and working capital requirements may not be indicative of our future performance. In addition, fluctuations in sales, operating income (loss), and cash flows in any fiscal quarter may be affected by other events affecting retail sales, such as changes in weather patterns.Working capital requirements vary throughout the year. Working capital requirements typically increase during the first half of the fiscal year as inventory builds to support peak shipping/selling periods and, accordingly, typically decrease during the second half of the fiscal year as inventory is shipped/sold. Cash provided by operating activities is typically higher in the second half of the fiscal year due to reduced working capital requirements during that period.

Product Design

Our products reflect a timeless and innovative interpretation of American style with a strong global appeal. Our consistent emphasis on new and distinctive design has been an important contributor to the prominence, strength, and reputation of the Ralph Lauren brands.Our Ralph Lauren products are designed by, and under the direction of, Mr. Ralph Lauren and our design teams. We form design teams around our brands and product categories to develop concepts, themes, and products for each brand and category. Through close collaboration with merchandising, sales, and product management staff, these teams support all of our businesses in order to gain market information and other valuable input.

Marketing and Advertising

Our marketing and advertising programs communicate the themes and images of our brands and are integral to the success of our product offerings. The majority of our advertising programs are created and executed by our in-house creative and advertising agency to ensure consistency of presentation, which are complemented by our marketing experts in each region who help to execute our localized strategies.We create distinctive image advertising for our brands, conveying the particular message of each one within the context of the overall Ralph Lauren portfolio. Advertisements often portray a lifestyle rather than a specific item and may include a variety of products offered by us and, in some cases, our licensing partners. Our communication campaigns are increasingly being executed through digital and social media platforms to drive further engagement with the younger consumer. With regard to influencers, we believe in fostering long-term relationships with those who have an authentic connection to our brand and influence the areas of culture that matter most to our audiences. We also continue to advertise through print and outdoor media, and, in some cases, through television and cinema. Our digital advertising programs focus on high impact and innovative digital media outlets, which allow us to convey our key brand messages and lifestyle positioning. We also develop digital editorial initiatives that allow for deeper education and engagement around the Ralph Lauren lifestyle. We deploy these marketing and advertising initiatives through online, mobile, video, email, and social media. Our digital commerce sites present the Ralph Lauren lifestyle online, while offering a broad array of our apparel, handbags, footwear & accessories, fragrances, home, and hospitality product lines.Additionally, we advertise in consumer and trade publications, and participate in cooperative advertising on a shared cost basis with some of our wholesale and licensing partners. We have outdoor advertising placements in key cities as well, focusing on impact and reach. We also provide point-of-sale fixtures and signage to our wholesale customers to enhance the presentation of our products at their retail locations. In addition, when our licensing partners are required to spend an amount equal to a percentage of their licensed product sales on advertising, in certain cases we coordinate the advertising placement on their behalf. We believe our investments in shop-within-shop environments and retail stores, including our global flagship locations, contribute to and enhance the themes of our brands to consumers.We also conduct a variety of public relations activities, including fashion presentations in major cities such as New York City, Paris and Milan. Such fashion events, in addition to celebrity dressing occasions, including those related to red carpet events, weddings, and major sporting events, and events hosted in our stores and restaurants, including The Polo Bar in New York City, generate extensive domestic and international media and social coverage.We are the official outfitter for all on-court officials at the Wimbledon and U.S. Open tennis tournaments. These tournaments provide worldwide exposure for our brand in a relevant lifestyle environment. We also continue to be an Official Outfitter of the U.S. Olympic and Paralympic Teams, providing the Opening and Closing Ceremony Uniform apparel and a collection of Villagewear apparel and accessories available to men, women, and children, with the right to manufacture, distribute, advertise, promote, and sell products in the U.S. Most recently, we dressed Team USA for the 2026 Winter Olympic and Paralympic Games in Milan, Italy and the 2024 Summer Olympic and Paralympic Games in Paris, and we will be dressing the team for the upcoming 2028 Summer Olympic and Paralympic Games in Los Angeles. As part of our involvement with Team USA, we have established a partnership with athletes serving as brand ambassadors and as the faces of our advertising, marketing, and public relations campaigns. We are also an Official Partner for the Professional Golfers' Association of America and the Official Outfitter of the U.S. Ryder Cup Team, as well as a partner of the American Junior Golf Association. We sponsor a roster of professional golfers.We believe our partnerships with such prestigious global athletic events reinforce our brand's Sport & Style heritage in a truly authentic way and serve to connect our Company and brands to our consumers through their individual areas of passion.

Sourcing, Production and Quality

We contract for the manufacture of our products with suppliers and do not own or operate any production facilities. Approximately 300 different suppliers worldwide produce our apparel, handbags, footwear & accessories, and home products, with no one supplier providing more than 5% of our total products (by dollar value) during Fiscal 2026. Our Global Sourcing organization closely supervises these suppliers to make our designs per our specifications and standards. Ralph Lauren's Quality Assurance team works with suppliers to ensure best practices are carried out prior to and during production. Compliance to our standards is ensured through our Quality Control requirements and follow-up inspections and reviews. Both the initial Quality Assurance work and the Quality Control requirements ensure merchandise is received at the distribution facilities and shipped to customers with minimal interruption.Management continually monitors political, economic, social, environmental, trade, and labor risks. We manage our exposure through, among other measures, diversifying production among countries and suppliers and sourcing from countries with trade preferences. In Fiscal 2026, the vast majority of our products (by dollar value) were produced outside of the U.S., primarily in Asia, Europe, and Latin America, with approximately 21% of our products sourced from Vietnam, 16% from Cambodia, and 11% from India. See "Import Restrictions and Other Government Regulations," Item 1A — "Risk Factors — Risks Related to Macroeconomic Conditions — Economic conditions could have a negative impact on our major customers, suppliers, vendors, and lenders, which in turn could materially adversely affect our business," and Item 1A — "Risk Factors — Risks Related to our Business and Operations — Our business is subject to risks associated with importing products and the ability of our manufacturers to produce our goods on time and to our specifications."We are committed to conducting our global operations ethically and with respect for the dignity of all people who make our products. All our suppliers are expected to uphold our Ralph Lauren Operating Standards. These standards require business partners to foster a safe, sustainable, inclusive, and ethical workplace through continuous improvement. Our Global Citizenship team monitors the compliance of our business partners as part of our due diligence processes.Our business model requires us to commit to most of our garment production and related fabric procurement before actual sales occur. In cases where we overestimate customer demand for specific products or materials, we manage excess inventory by redirecting these items to our outlet stores and other secondary sales channels.

Competition

Competition is very strong in the segments of the fashion and consumer product industries in which we operate. We compete with an extensive range of designers and manufacturers of apparel, handbags, footwear, accessories, fragrances, and home products, both domestic and international. We also face increasing competition from companies selling our product categories solely through the Internet. Some of our competitors may be significantly larger and have substantially greater resources than us. We compete primarily on the basis of brand strength, timeless style, quality, value, and service, which depend on our ability to:•anticipate and respond in a timely manner to changing consumer demands and shopping preferences, including the ever-increasing shift to digital brand engagement, social media communications, and online and cross-channel shopping;•create and maintain favorable brand recognition, loyalty, and a reputation for quality, including through digital brand engagement and online and social media presence;•develop and produce innovative, high-quality products in sizes, colors, and styles that appeal to consumers of varying demographics;•competitively price our products and create a compelling value proposition for consumers;•provide strong and effective marketing support in several diverse demographic markets, including through digital and social media platforms in order to stay better connected to consumers;•establish relationships with athletes, musicians, influencers, and other celebrities to promote our brands and products;•provide attractive, reliable, secure, and user-friendly digital commerce sites;•adapt to changes in technology, including the successful utilization of data analytics, artificial intelligence, and machine learning;•obtain sufficient and desirable retail floor space and effectively present our products to consumers;•attract consumer traffic to stores, shop-within-shops, and digital commerce sites;•source sustainable and traceable raw materials at cost-effective prices;•anticipate and maintain proper inventory levels;•ensure product availability and optimize supply chain and distribution efficiencies;•maintain and grow market share;•recruit and retain talent to operate our retail stores, distribution centers, and various corporate functions;•protect our intellectual property; and•withstand prolonged periods of adverse economic conditions or business disruptions.