CORRECTED – CORRECTED-UPDATE 1-Ralph Lauren to take control of South Korean

(Corrects first bullet point to clarify that Ralph Lauren will
buy its license, not the licensee)

* Says to buy out license for $47 mln

* Step part of larger Asian strategy

* Will take control in the beginning of next year

July 23 (BestGrowthStock) – Polo Ralph Lauren Corp (RL.N: ) said it
will take direct control of its business in South Korea by
paying about $47 million to its licensee Doosan Corp
(000150.KS: ), as the fashion house furthers its plans to
integrate its Asian market.

Ralph Lauren will pay $25 million in cash for certain
assets, and make an additional payment of about $22 million for
inventory and various other assets to be identified at closing
on Dec. 31.

“South Korea is one of our largest markets, and has always
been an important territory for us,” its celebrity Chief
Executive Ralph Lauren said in a statement.

“Expanding and elevating our international presence is one
of our highest strategic priorities,” he added.

The fashion company, home to brands like Polo, Club Monaco
and Chaps said it will take direct control of its wholesale and
retail business in South Korea beginning Jan 1. Doosan Corp
will remain a licensee till then.

Doosan currently distributes Polo Ralph Lauren products
through about 175 shop-in-shops and five freestanding locations
throughout the country.

“It is a major piece of the strategy that enables us to
directly operate all of Asia with greater consistency across
all markets and channels,” Chief Operating Officer Roger Farah
said.

Ralph Lauren shares had closed at $76.47 Thursday on the
New York Stock Exchange.
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(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by
Jarshad Kakkrakandy)

CORRECTED – CORRECTED-UPDATE 1-Ralph Lauren to take control of South Korean