Polo completes shoe acquisition

The Polo Ralph Lauren Corporation has completed the acquisition of Ralph Lauren Footwear Co Inc from sporting goods giant Reebok International Ltd, in a bid to take moe direct control of its core brands. Ralph Lauren footwear is the company's global licensee for men's, women's and children's footwear. The deal, which is valued at $110 million (£ 62.9 million), is expected to to mildly dilute the company's earnings in fiscal 2006.