New York City Polo Ralph Lauren Corp. said Tuesday that its chairman, CEO and founder Ralph Lauren is selling about 25% of his holdings in the company, which could raise up to $955 million.
According to a report in the Wall Street Journal, Lauren and his family will remain in control of Polo, and his role won’t change. The sale is "purely for asset diversification purposes," a Polo spokesperson told WSJ.
Lauren, 70, intends to sell up to 11.35 million shares in the company, according to a filing with the Securities and Exchange Commission. The transaction would leave Lauren and his family in control of more than 80% of the company's votes, compared with 88.5% currently.