Ralph Lauren aiming to become profitable again.

Ralph Lauren's CEO Stefan Larsson announced that the company is aiming to cut 8% of its laborforce and closing around 50 stores in order to save up to $220 million in 2017. Besides the shedding of management, Larsson also said that the company plans on renewing its image and clothing styles in order to attract buyers who are more attracted to current fashion trends and styles. Larsson took over the position of CEO from its founder Ralph Lauren in November 2015. The company has struggled for three years to increase sales. The company is planning to bring in a variety, moving away from the denims and polo shirts the brand is known for. In the month of April, Ralph Lauren's profits decreased by more than 22% and the company's stock has been on a downward trend and has fallen by more than 48% since the end of 2014 where the company's stock traded $182.74. Ralph Lauren expects to be profitable again by 2019.