Ralph Lauren hires CFO from rival luxury retailer Coach Inc
(Reuters) - Ralph Lauren Corp (RL.N: Quote) has appointed former Coach Inc (COH.N: Quote) executive Jane Nielsen as chief financial offer, two days after announcing a sweeping plan to lower costs and revive sales growth at the luxury fashion brand.
Nielsen will replace Robert Madore, who has been the CFO since April 2015, Ralph Lauren said on Thursday.
Ralph Lauren, which owns the Polo and Lauren brands, said on Tuesday it was cutting about 1,000 jobs and closing 50 stores.
Nielsen, who will start at Ralph Lauren from Sept. 6, is part of a string of new executive appointments at the luxury fashion house.
The company brought in Stefan Larsson as chief executive late last year in the hope that he could replicate his success in reviving sales at Gap Inc's (GPS.N: Quote) Old Navy.
Coach announced Nielsen's departure as CFO on Wednesday. The luxury retailer reported its first quarterly profit growth in three years in April.
Up to Thursday's close, Ralph Lauren shares had fallen about 14 percent this year.
(Reporting by Subrat Patnaik in Bengaluru; Editing by Shounak Dasgupta)
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