Ralph Lauren to sell 25% of Polo shares
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.
Let the sunshine …
Purveyors of private brands like to talk about how their products are as good as or better than the national brand equivalents. Well, in the case of Target’s Up & Up brand sunscreen it has corroboration for such a claim from the July issue of Consumer Reports. The magazine examined various sunscreens and found Up & Up Sport in SPF 30 to have the highest ranking as well as one of the cost per ounce. Other brands in the order of their ranking included Walgreens, Banana Boat, Aveeno, Coppertone, No-Ad, Neutrogena, Badger, La Roche-Posay, Avon and Burt’s Bees.
CFDA honors fashion’s best
NEW YORK The Council of Fashion Designers of America honored Marc Jacobs as womenswear designer of the year as wll as Marcus Wainwright and David Neville for Rag & Bone as the menswear designer of the year at its annual awards ceremony.
Other honors went to Alexander Wang, Michael Kors and the late Alexander McQueen.