New York-based Ralph Lauren Corp. is drawing $475 million from its global credit facility and halting any incremental share repurchases as part of a broader set of measures to preserve its financial flexibility amid the coronavirus crisis.
The apparel and accessories retailer said it is also managing its expense structure across all key areas of spend, reducing or deferring capital expenditures and aligning inventories to anticipated demand.
In addition, it is pausing all non-critical capital build-out and reviewing all real estate projects.
"In this challenging global context, we will prioritize the areas where we can have the greatest impact," President and CEO Patrice Louvet said in a statement.
In terms of operations, Ralph Lauren said it will continue to assess on a location by location basis to determine when to resume operations. The coronavirus outbreak has forced the company to temporarily close some of its offices, stores and fulfillment centers in China and other parts of the world.
The company said it has enlisted a medical expert to help guide its decision-making around risk mitigation.
Ralph Lauren is starting the production of 250,000 masks and 25,000 isolation gowns for donation with its manufacturing partners.