Ralph Lauren confirms 1,000 job cuts

Ralph Lauren confirm it will cut 1,000 jobs, or 8 percent of its workforce, as part of a cost-cutting drive.

The US fashion brand also planned to close more than 50 stores and simplify its management structure.

Ralph Lauren said the measures should save between 180-220 million dollars a year.

Last year Ralph Lauren, who founded the company, stepped down as chief executive and was replaced by Stefan Larsson. The cuts are the first major move for the new boss, who is credited with turning around the fortunes of Gap's low-end brand Old Navy.

The new savings will come on top of 125 million dollars of cuts made by Ralph Lauren last year. It expected to incur 400 million dollars in restructuring charges this year as well as 150 million dollars of costs relating to stock reduction.