Ralph Lauren (RL) 10-K risk factor changes: FY2026 vs FY2025

The global economy and retail industry are [removed: impacted] [added: affected] by [removed: many uncontrollable factors,] [added: numerous factors beyond our control,] including, among others, [added: changes in] diplomatic and trade [removed: relationships, including potential] [added: relationships (including the imposition of new tariffs or other] changes to international trade policies or [removed: agreements, such as the imposition of new tariffs; general] [added: agreements);] domestic and international political conditions; consumer perceptions of current and future economic [removed: conditions, including any recessionary fears; inflation;] [added: conditions (including an economic slowdown or potential downturn, inflation,] interest [removed: rates;] [added: rates,] foreign currency exchange [removed: rates; the] [added: rates, commodity] availability and price [removed: of commodities, including] [added: (including] fuel and energy [removed: costs;] [added: costs));] employment levels and wage rates; stock market performance; [removed: the] housing [removed: market;] [added: market conditions;] consumer debt [removed: levels; the availability of] [added: levels and access to] consumer credit; the health and stability of the banking sector; global food supplies; taxation; the threat, outbreak, or escalation of terrorism, military conflicts, or other hostilities; consumer perceptions of personal well-being and safety; man-made or natural [removed: disasters, including] [added: disasters (including] pandemic [removed: diseases;] [added: diseases);] and weather conditions.

[removed: Most recently,] [added: In April 2025,] the U.S. announced significant changes to its trade [removed: policies,] [added: policies under the authority of the International Emergency Economic Powers Act ("IEEPA"),] including widespread tariff increases on imported goods [removed: (including on those countries from which we import a substantial amount of our finished products, most notably Vietnam, Cambodia,] and [removed: China) with] [added: the] potential [added: for additional tariffs and] further increases [added: to existing tariffs,] and revisions or terminations [removed: to] [added: of] existing trade agreements.

In response, many countries [removed: have] announced [removed: or are otherwise considering] retaliatory tariffs on U.S. exports and other trade restrictions.

[removed: This has led to significant] [added: These developments have increased] uncertainty regarding the future relationship between the U.S. and other [removed: countries, as well as growing concerns about] [added: countries and could contribute to] a global trade war, higher inflation, and a [removed: potential] global [removed: recession,] [added: economic slowdown, any of] which has [removed: already caused significant] [added: caused, and could continue to cause,] volatility [removed: of] [added: in] global stock markets and foreign currency exchange rates.

Other recent economic conditions, including [added: increases in oil and other energy prices,] ongoing inflationary pressures, organized labor disputes, high interest rates, significant foreign currency volatility, and military conflicts (as discussed below), continue to impact consumer discretionary income levels, spending, and sentiment in the U.S. and beyond.

In response to such pressures, as well as to reduce elevated inventory levels, many retailers (particularly in the [removed: U.S.)] [added: U.S. and Europe)] continue to resort to promotional activity in an attempt to offset traffic declines and increase conversion.

The global economy has also been negatively impacted by ongoing military conflicts, including the [removed: Russia-Ukraine and Israel-Hamas wars, militant attacks on cargo vessels in the Red Sea,] [added: conflicts involving Iran] and other hostilities in the Middle East.

Although our [removed: voluntary decision to suspend operations in Russia has not resulted in a material impact to our consolidated financial statements and our] ongoing operations in [removed: Israel] [added: the Middle East] are [removed: also] not material, our business has been, and may continue to be, affected by the broader macroeconomic implications resulting from these and other military conflicts, including inflationary pressures, unfavorable foreign currency exchange rates, increases in energy prices, food shortages, and financial market volatility, among other factors, which have adversely impacted consumer sentiment and confidence.

It is not clear at this time how long these conflicts will endure, or if they will escalate further with additional countries [removed: declaring war against each other,] [added: taking part,] which could further amplify the impacts of the various macroeconomic factors described above and potentially result in a global [added: economic slowdown or] recession.

Consumer purchases of discretionary items and luxury retail products, including our products, tend to decline during periods of [removed: recession,] [added: economic weakness,] high inflation, or rising interest rates, and at other times when disposable income is lower.

[added: or an uncertain outlook in the economies in which] we, or our wholesale customers and licensing partners, sell our products, or other changes in consumer preferences, may materially adversely affect our business.

Although we believe that our existing cash and investments, cash provided by operations, and available borrowing capacity under our credit [removed: and overdraft] facilities and commercial paper borrowing program will provide us with sufficient liquidity, the impact of adverse economic conditions (such as ongoing inflationary pressures and high interest rates) on our major customers, suppliers, vendors, and lenders and their ability to access global capital markets cannot be predicted.

Any deterioration in global financial or capital markets could affect our ability to access sources of liquidity to provide for our future cash needs, increase the cost of any future financing, or cause our lenders to be unable to meet their funding commitments under our credit [removed: and overdraft] facilities.

[removed: Specifically, changes] [added: Changes] in exchange rates between the U.S. Dollar and other currencies impact our financial results from a transactional perspective, as our foreign operations generally purchase inventory in U.S. Dollars.

Given that we source [removed: most] [added: the vast majority] of our products overseas, the cost of these products [added: to our foreign operations] may be affected by changes in the value of [removed: the relevant] [added: their respective local] currencies.

Changes in currency exchange rates may also impact consumers' willingness or ability to travel abroad and/or purchase our products while [removed: traveling, as well as affect the U.S. Dollar value of the foreign currency denominated prices at which our international businesses sell products.][added: traveling.]

Additionally, [added: from a financial reporting perspective,] the [added: translation of our international subsidiaries' respective local currency] operating results and financial position [removed: of our international subsidiaries are] [added: into U.S. Dollars is] exposed to [removed: foreign] exchange rate fluctuations as [removed: their financial results are translated from the respective local currency into U.S. Dollars during] [added: part of] the financial statement consolidation process.

The foreign currencies to which we are exposed [removed: to] from [removed: a] transactional and translational [removed: perspective] [added: perspectives] primarily include the Euro, the Japanese Yen, the [removed: British Pound Sterling,] [added: Chinese Renminbi,] the South Korean Won, the [removed: Chinese Renminbi, the Canadian] [added: Australian] Dollar, the [added: British Pound Sterling, the] Swiss Franc, and the [removed: Australian] [added: Canadian] Dollar.

The [added: continued] expansion of our international business [added: naturally] increases our exposure to [added: such] foreign currency exchange [removed: risk.][added: risks.]

[removed: In addition, factors] [added: Factors] that could impact the effectiveness of our hedging activities include the volatility of currency markets, the accuracy of forecasted transactions, and the availability of hedging instruments.

As such, our hedging activities may not completely mitigate the impact of foreign currency fluctuations on our [removed: results of operations.][added: business.]

Infectious disease [removed: outbreaks, such as the COVID-19 pandemic,] [added: outbreaks] could have a material adverse effect on our business.

Widespread public health emergencies [removed: or] [added: and] infectious disease [removed: outbreaks, such as] [added: outbreaks (including pandemics, epidemics, resurgences of endemic diseases, and] the [removed: novel strain] [added: emergence] of [removed: coronavirus commonly referred to as COVID-19,] [added: new or more transmissible variants or pathogens), whether occurring domestically or internationally,] have had, and could again in the [removed: future have,] [added: future, have] a material adverse effect on our business, results of operations, and financial condition.

We have developed a long-term growth strategy with the objective of delivering sustainable, profitable growth and long-term value creation for shareholders, as outlined in Item 1 — [removed: *"Business] [added: "*Business] — Objectives and [removed: Opportunities."*] [added: Opportunities.*"] Our ability to successfully execute our growth strategy is subject to various risks and uncertainties, as described herein.

Achievement of our growth strategy may require investment in new capabilities, distribution channels, and technologies, such as those related to our Next Generation Transformation [removed: project.][added: project, as described in Item 1 — "*Business — Recent Developments.*" These investments may result in short-term costs without accompanying current revenues and, therefore, may be dilutive to our earnings in the short term.]

Other risks related to our international expansion plans include (i) changes in general economic conditions in specific countries and markets, including those resulting from inflationary pressures, pandemic diseases, natural or man-made [added: disasters, civil or political instability, or military conflicts, terrorist acts, or other hostilities; (ii) changes in diplomatic and trade relationships and any resulting anti-American sentiment; (iii) foreign government regulation; (iv) risks associated with importing products; and (v) restrictions on the repatriation of funds held internationally, among other risks described herein.]

Any failure on our part, or on the part of our third-party digital partners, to provide attractive, reliable, secure, and user-friendly digital commerce platforms, including mobile apps, [added: and to effectively leverage AI] could negatively impact our customers' shopping experience resulting in [removed: reduced website traffic, diminished loyalty to our brands, and lost sales.]

The success of our business also depends on our ability to continue to develop and maintain a reliable omni-channel experience for our customers, as well as our ability to [added: maintain and/or] introduce new [removed: Connected Retail capabilities,] [added: Online to Offline experiences,] such as those described in Item 1 — "*Business — Digital Ecosystem.*" Our business has evolved from an in-store experience to a shopping experience through multiple technologies, including computers, smartphones, tablets, and other devices, as [added: well as AI-enabled devices, as] our customers have become increasingly technologically savvy and expect a seamless omni-channel experience regardless of whether they are shopping in stores or online.

If we are unable to develop and continuously improve our customer-facing [removed: technologies,] [added: technologies and/or to effectively leverage AI,] the efforts of which typically require significant capital investments, we may not be able to provide a convenient and consistent experience to our customers regardless of the sales channel.

[added: In addition, the failure of our store] designs to achieve acceptable results could lead to asset impairment charges and/or our decision to close a store prior to the lease expiration date resulting in other store closure-related charges, including early lease termination fees.

Although we have shortened lead times for the design, sourcing, and production of certain of our product [removed: lines,] [added: lines and are implementing integrated business planning tools that improve demand forecasting to support inventory and purchasing decisions,] we expect to continue to place orders with our vendors for the majority of products in advance of the related selling season.

Other factors beyond our control could also result in the build-up of excess inventory, including unforeseen adverse economic conditions or business [removed: disruptions, such as those caused by pandemic diseases.][added: disruptions.]

Excess inventory levels could result in the utilization of less-preferred distribution channels, markdowns, promotional sales, donations, or [removed: destruction to dispose] [added: recycling] of such excess or slow-moving inventory, which may negatively impact our overall profitability and/or impair the image of our brands.

Changes to existing trade policies and agreements, including [added: new or] higher tariffs on U.S. imports, could exacerbate such pricing pressures.

Our failure to achieve targeted results for any reason, including business disruptions resulting from adverse economic conditions or catastrophic [removed: events such as pandemic diseases,] [added: events,] could also lead to the implementation of additional restructuring-related activities, which may be dilutive to our earnings in the short term.

Mr. R. Lauren is instrumental to, and closely identified with, our brand that bears [added: his name.]

[removed: The] departure of any key individual and the failure to ensure a smooth transition and effective transfer of knowledge involving senior employees could hinder or delay our strategic planning and execution, as well as adversely affect our ability to attract and retain other experienced and talented employees.

In Fiscal [removed: 2025, approximately 96%] [added: 2026, the vast majority] of our products (by dollar value) were produced outside of the U.S., primarily in Asia, Europe, and Latin America, with approximately [removed: 20%] [added: 21%] of our products sourced from Vietnam, 16% from Cambodia, and [removed: 12%] [added: 11%] from [removed: China.][added: India.]

Risks inherent in importing our products include (i) the imposition of additional tariffs, duties, taxes, and other charges on imports or exports, such as those [removed: recently] announced by the U.S. as discussed below; (ii) changes in diplomatic and trade relationships, including [removed: the imposition of any] sanctions, [added: trade] restrictions, and other [removed: responses;] [added: retaliatory measures;] (iii) the imposition of additional regulations, quotas, trade sanctions, or safeguards [removed: relating to imports] or [removed: exports, and costs of complying with such regulations and other laws relating to the identification] [added: sourcing] and reporting [removed: of the sources of raw materials used in our products, which] [added: requirements that] could [added: increase compliance costs or] lead to the detention, exclusion, or seizure of goods and imposition of monetary penalties and fines; (iv) adverse changes in local economic conditions, such as prolonged periods of [removed: recession,] [added: economic weakness,] high inflation and/or interest rates, or other factors described herein; (v) changes in social or political conditions, including those resulting from military conflicts, terrorist acts, or other hostilities, that could result in the disruption of trade from the countries in which our manufacturers or suppliers are located; (vi) [removed: pandemic diseases, which could result in closed factories, reduced workforces, scarcity of raw materials, port congestion, and scrutiny or embargoing of goods produced in infected areas; (vii)] unfavorable changes in the availability, cost, or quality of raw materials and commodities; [removed: (viii)] [added: (vii)] labor shortages within our supply chain resulting from labor disputes, strikes, or otherwise; [removed: (ix)] [added: (viii)] increases in the cost of labor or transportation; [removed: (x)] [added: (ix)] disruptions of shipping and international trade caused by natural and man-made disasters, severe weather, military conflicts, terrorist acts, or other [removed: hostilities (such as militant attacks on cargo vessels in the Red Sea),] [added: hostilities, pandemic diseases,] or other unforeseen events, including any resulting impact to shipping prices and shipping times; [removed: (xi)] [added: (x)] heightened [removed: terrorism-related cargo and] supply chain security [removed: concerns, which could subject imported or exported goods to additional, more frequent, or more thorough inspections,] [added: concerns] leading to [added: increased inspections and] delays in the delivery of cargo; and [removed: (xii) decreased scrutiny] [added: (xi) insufficient enforcement] by customs officials [removed: for] [added: against] counterfeit goods, leading to lost sales, increased costs for our anti-counterfeiting measures, and damage to the reputation of our brands.

[added: There can be no assurance that we will be able to offset] potential increased product costs through higher sales prices to our consumers, supply chain diversification, or other mitigating measures, which in turn could have a material adverse effect on our business due to lower profitability.

In February 2026, the U.S. Supreme Court invalidated the IEEPA tariffs previously applied to our imports, after which the current administration announced a new round of tariffs under an alternative U.S. Trade Act authority.

In March 2026, the U.S. Court of International Trade issued an order directing U.S. Customs and Border Protection to refund IEEPA tariffs that were previously collected, and in April 2026, U.S. Customs and Border Protection announced the refund process leveraging the Consolidated Administration and Processing of Entries Claim Portal through a phased rollout.

Although we have taken steps to preserve our rights with respect to potential refunds, there can be no assurance that we will receive any refunds, in whole or in part.

Accordingly, a downturn

In addition, changes in exchange rates of non-U.S. Dollar currencies impact our financial results, as our operations incur certain other costs that are denominated in various other foreign currencies.

Such events may result in, among other things, government mandates or recommendations (including quarantines, travel restrictions, or other public safety measures), changes in consumer behavior and demand, and operational disruptions.

Potential impacts to our business include, but are not limited to: (i) global supply chain disruptions due to factory closures, labor shortages, scarcity of raw materials, shipping and sourcing limitations, and any related cost increases; (ii)

reduced retail traffic and the potential build-up of excess inventory as a result of store closures, other operational restrictions, and/or lower consumer demand; (iii) operational disruptions at our distribution centers and/or corporate facilities; (iv) potential declines in the level of consumer purchases of discretionary items; (v) our ability to attract, retain, and manage employees; (vi) the financial condition of our significant wholesale customers or licensing partners and their ability to meet obligations; (vii) our ability to successfully negotiate rent concessions and other relief with landlords; (viii) our ability to access capital markets and maintain compliance with debt covenants; and (ix) diversion of management attention and resources from ongoing business activities.

In addition, customers are increasingly utilizing tools and devices powered by AI as part of their shopping experience.

reduced website traffic, diminished loyalty to our brands, and lost sales.

The

As previously discussed, recent changes in U.S. trade policies, including tariff-related developments surrounding the IEEPA and other authorities, have increased uncertainty regarding the future relationship between the U.S. and other countries, as well as the potential for an ensuing global trade war and economic slowdown.

The imposition of new tariffs could result in potential retaliatory tariffs from other countries and could continue to impact our supply chain costs.

We compete with these companies primarily on the basis of brand strength, timeless style, quality, value, and service as further described in Item 1 — "*Business — Competition.*"

brands and potentially lead to adverse consumer actions, including boycotts, even if the subject of such publicity is unverified or inaccurate and we seek to correct it.

However, significant counterfeiting and imitation of our products continue to exist, and emerging AI technologies may further facilitate the unauthorized replication, imitation, and distribution of products, branding, logos, marketing materials, and digital content that closely resemble our own.

further development of "private labels" and exclusive product offerings in an effort to differentiate themselves from competitors, could have a material adverse effect on our business.

compounded as the use of AI becomes more prevalent.

Our use and integration of artificial intelligence across our business presents risks and challenges that could adversely affect our business.

We are increasingly evaluating and deploying AI technologies, including generative AI and machine learning, across various aspects of our business.

AI presents evolving risks that may be difficult to predict or mitigate.

These risks include heightened data privacy, cybersecurity, and data protection risks, as the use of AI may involve processing sensitive data and, in some cases, sharing data with third-party providers.

Such use may increase the risk of unauthorized access to, misuse, or disclosure of confidential information or personal data, introduce system vulnerabilities, and enable more sophisticated fraud and cyber-attacks.

Any such event could result in operational disruptions, remediation costs, litigation, regulatory scrutiny, and reputational damage.

AI tools and systems may be unavailable, fail to perform as intended, or produce inaccurate or misleading outputs, and may be vulnerable to manipulation.

When incorporated into our business processes, such risks could result in errors, inefficiencies, operational disruptions, or diminished customer experiences, and employees' use of AI tools may not always comply with our policies or controls.

Further, we may rely on third-party AI technologies, cloud infrastructure, and data sets that could be subject to outages, security incidents, or changes in pricing or contractual terms, which may result in operational disruptions or the termination of our relationship with the providers of such technologies.

AI-related activities also raise intellectual property, confidentiality, and content integrity risks, including potential claims that training data or outputs infringe third-party rights or that AI-generated content is inappropriate or inaccurate.

Such risks could result in disputes, liability, regulatory inquiries, and reputational damage.

Our ability to successfully develop and deploy AI depends on attracting, developing, and retaining talent with AI-related skills and expertise.

Competition for such talent is intense.

If we are unable to build and maintain necessary AI capabilities, including such talent, we may not realize anticipated efficiencies or innovation benefits, or we may be competitively disadvantaged relative to peers that more effectively leverage AI.

Conversely, investments in AI may not deliver expected returns, particularly in the near term, if adoption is limited or performance does not meet expectations.

The legal and regulatory environment governing AI is rapidly evolving.

Emerging laws and regulations in jurisdictions where we operate may impose new obligations, limit the use of AI, or require changes to our products, processes, or controls.

Compliance with such requirements could increase costs and expose us to investigations, enforcement actions, fines, or litigation.

Any perceived or actual failure to use AI responsibly, including with respect to fairness, bias, transparency, or governance, or to meet evolving stakeholder expectations, could harm our brand and reputation, reduce customer trust, negatively impact our workforce, and subject us to increased regulatory scrutiny or litigation, any of which could adversely affect our business, financial condition, and results of operations.

sustainability practices.

Executive actions at the U.S. federal level and legislation in multiple U.S. states have sought to restrict or penalize corporate consideration of ESG factors, while jurisdictions in Europe and certain U.S. states have simultaneously expanded ESG-related mandates and disclosure requirements.

This increasingly divergent regulatory environment creates operational complexity and legal risk, as actions taken to comply with or advance citizenship and sustainability objectives in one jurisdiction may expose us to criticism, regulatory scrutiny, or potential penalties in another, including limitations on our ability to do business.

Although our business has not been significantly impacted by the Red Sea crisis, it could lead to shipping delays, inventory shortages, and/or higher freight costs in the near future and beyond.

Stay-at-home orders, social gathering restrictions, and work-from-home arrangements, such as those resulting from pandemic diseases, may also diminish consumers' demand for luxury apparel products.

Accordingly, a downturn or an uncertain outlook in the economies in which

Our business is exposed to foreign currency exchange risk.

Potential impacts to our business include, but are not limited to: (i) our ability to successfully execute our long-term growth strategy; (ii) supply chain disruptions resulting from closed factories, reduced workforces, scarcity of raw materials, shipping and loading capacity constraints, and scrutiny or embargoing of goods produced in infected areas, including any related cost increases; (iii) reduced retail traffic at our stores and those of our wholesale

customers and licensing partners due to forced closures or other operational restrictions, such as reduced capacity limits and operating hours, declines in tourism, and/or potential changes in consumer behavior and shopping preferences, such as their willingness to congregate in shopping centers or other populated locations and the overall growing preference to shop online versus at traditional brick and mortar locations; (iv) potential declines in the level of consumer purchases of discretionary items and luxury retail products, including our products, caused by higher unemployment and lower disposable income levels, inflationary pressures, travel and social gathering restrictions, work-from-home arrangements, or other factors beyond our control; (v) the potential build-up of excess inventory as a result of store closures and/or lower consumer demand; (vi) temporary closures or other operational restrictions of our distribution centers and/or corporate facilities; (vii) our ability to attract, retain, and manage employees; (viii) additional costs to protect the health and safety of our employees, customers, and communities, such as more frequent and thorough cleanings of our facilities and supplying personal protection equipment; (ix) the potential loss of one or more of our significant wholesale customers or licensing partners, or the loss of a large number of smaller wholesale customers or licensing partners, if they are not able to withstand prolonged periods of adverse economic conditions, and our ability to collect outstanding receivables; (x) increased vulnerability to data security or privacy breaches as a result of remote working arrangements; (xi) our ability to successfully negotiate with landlords to obtain rent abatements, rent deferrals, and other relief; (xii) our ability to access capital markets and maintain compliance with covenants associated with our existing debt instruments, as well as the ability of our key customers, suppliers, and vendors to do the same with regard to their own obligations; (xiii) our ability to generate sufficient cash flows to support our operations, including repayment of our debt obligations as they become due, as well as to return value to our shareholders in the form of dividend payments and repurchases of our common stock; (xiv) diversion of management attention and resources from ongoing business activities and/or a decrease in employee morale; and (xv) our ability to maintain an effective system of internal controls and compliance with the requirements under the Sarbanes-Oxley Act of 2002.

These investments may result in short-term costs without accompanying current revenues and, therefore, may be dilutive to our earnings in the short term.

disasters, civil or political instability, or military conflicts, terrorist acts, or other hostilities; (ii) changes in diplomatic and trade relationships and any resulting anti-American sentiment; (iii) foreign government regulation; (iv) risks associated with importing products; and (v) restrictions on the repatriation of funds held internationally, among other risks described herein.

In addition, the failure of our store

his name.

As companies increasingly allow employees to work remotely, traditional geographic competition for talent may change in ways that we cannot predict.

As previously discussed, in April 2025, the U.S. announced significant changes to its trade policies, including a universal baseline tariff of 10% on all U.S. imported goods, plus additional country-specific tariffs.

In return, many countries have announced retaliatory tariffs on U.S. exports, resulting in uncertainty of the future relationship between the U.S. and other countries, as well as the potential of an ensuing global trade war and recession.

While the U.S. implemented a 90-day pause on the majority of its proposed tariffs, we cannot predict at this time if and when any of the proposed tariffs will become effective.

There can be no assurance that we will be able to offset

We have incurred, and may continue to incur, higher freight and other logistic costs as a result of certain of the beforementioned factors.

We compete with these companies primarily on the basis of: (i) anticipating and responding in a timely manner to changing consumer demands and shopping preferences, including the ever-increasing shift to digital brand engagement, social media communications, and online and cross-channel shopping; (ii) creating and maintaining favorable brand recognition,

loyalty, and a reputation for quality, including through digital brand engagement and online and social media presence; (iii) developing and producing innovative, high-quality products in sizes, colors, and styles that appeal to consumers of varying demographics; (iv) competitively pricing our products and creating a compelling value proposition for consumers; (v) providing strong and effective marketing support in several diverse demographic markets, including through digital and social media platforms in order to stay better connected to consumers; (vi) establishing relationships with athletes, musicians, influencers, and other celebrities to promote our brands and products; (vii) providing attractive, reliable, secure, and user-friendly digital commerce sites; (viii) adapting to changes in technology, including the successful utilization of data analytics, artificial intelligence, and machine learning; (ix) obtaining sufficient and desirable retail floor space and effective presentation of our products at stores and shop-within-shops; (x) attracting consumer traffic to stores, shop-within-shops, and digital commerce sites; (xi) sourcing sustainable and traceable raw materials at cost-effective prices; (xii) anticipating and maintaining proper inventory levels; (xiii) ensuring product availability and optimizing supply chain and distribution efficiencies with third-party manufacturers and retailers; (xiv) maintaining and growing market share; (xv) recruiting and retaining talent to operate our retail stores, distribution centers, and various corporate functions; (xvi) protecting our intellectual property; and (xvii) ability to withstand prolonged periods of adverse economic conditions or business disruptions.

However, significant counterfeiting and imitation of our products continue to exist.

If we decide to close a store, or if we decide to downsize,

Any perceived or actual electronic or physical security breach involving the misappropriation, loss, or other unauthorized disclosure of confidential or personally identifiable information, including penetration of our network security, whether by us or by a third

technological barriers, and require additional resources to monitor, report, and comply with various citizenship and sustainability practices.

Conversely, in recent years, negative sentiment towards corporate goals and initiatives related to these areas has gained momentum in the U.S., which has been accompanied by the proposal or enactment of policies, legislation, or initiatives by several state legislatures and by the U.S. federal government intended to prohibit or limit consideration of ESG matters by corporations and investors.

Additionally, we could also be criticized by stakeholders who share such sentiment for having certain initiatives and goals or for any revisions to such initiatives or goals.

We may not be able to meet the increasingly diverging expectations and perspectives on these topics and could be subjected to scrutiny that could adversely affect our reputation, business, financial performance and growth.

Company to devote substantial time and resources to defend itself.

As such, Fiscal [removed: 2025] [added: 2026] ended on March [removed: 29, 2025] [added: 28, 2026] and was a 52-week period; Fiscal [removed: 2024] [added: 2025] ended on March [removed: 30, 2024] [added: 29, 2025] and was a 52-week period; Fiscal [removed: 2023] [added: 2024] ended on [removed: April 1, 2023] [added: March 30, 2024] and was a 52-week period; and Fiscal [removed: 2026] [added: 2027] will end on [removed: March 28, 2026] [added: April 3, 2027] and will be a [removed: 52-week] [added: 53-week] period.

*•Overview.* This section provides a general description of our business, global economic conditions and industry trends, and a summary of our financial performance for Fiscal [removed: 2025.][added: 2026.]

- *Results of operations.* This section provides an analysis of our results of operations for Fiscal [removed: 2025 and Fiscal 2024 as] [added: 2026] compared to [removed: the respective prior fiscal year.][added: Fiscal 2025.]

- *Financial condition and liquidity.* This section provides a discussion of our financial condition and liquidity as of March [removed: 29, 2025,] [added: 28, 2026,] which includes (i) an analysis of our financial condition as compared to the prior fiscal year-end; (ii) an analysis of changes in our cash flows for Fiscal [removed: 2025 and Fiscal 2024 as] [added: 2026] compared to the [removed: respective] prior fiscal year; (iii) an analysis of our liquidity, including the availability under our commercial paper borrowing program and credit facilities, our supplier finance program, outstanding debt and covenant compliance, common stock repurchases, and payments of dividends; and (iv) a summary of our material cash requirements as of March [removed: 29, 2025.][added: 28, 2026.]

- *Market risk management.* This section discusses how we manage our risk exposures related to foreign currency exchange rates, interest rates, and our investments as of March [removed: 29, 2025.][added: 28, 2026.]

Our Company is a global leader in the design, marketing, and distribution of luxury lifestyle products, including apparel, [added: handbags,] footwear & accessories, [removed: home,] fragrances, [added: home,] and hospitality.

[removed: In addition, we license to third parties for specified] periods [added: and geographies] the right to access our various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel categories, eyewear, fragrances, and home furnishings.

- *North America* — Our North America segment, representing approximately [removed: 43%] [added: 41%] of our Fiscal [removed: 2025] [added: 2026] net revenues, primarily consists of sales of our Ralph Lauren branded products made through our retail and wholesale businesses primarily in the U.S. and Canada.

*•Europe* — Our Europe segment, representing approximately 31% of our Fiscal [removed: 2025] [added: 2026] net revenues, primarily consists of sales of our Ralph Lauren branded products made through our retail and wholesale businesses in Europe and emerging markets.

*•Asia* — Our Asia segment, representing approximately [removed: 24%] [added: 26%] of our Fiscal [removed: 2025] [added: 2026] net revenues, primarily consists of sales of our Ralph Lauren branded products made through our retail and wholesale businesses in Asia, Australia, and New Zealand.

In addition to these reportable segments, we also have other non-reportable segments, representing approximately 2% of our Fiscal [removed: 2025] [added: 2026] net revenues, which primarily consist of Ralph Lauren and Chaps branded royalty revenues earned through our global licensing alliances.

Approximately [removed: 57%] [added: 59%] of our Fiscal [removed: 2025] [added: 2026] net revenues were earned outside of the U.S. See Note [removed: 20] [added: 19] to the accompanying consolidated financial statements for further discussion of our segment reporting structure.

We [removed: are in the early stages of executing] [added: began] a [removed: large-scale,] multi-year global project [added: in Fiscal 2024] that is expected to significantly transform the way in which we operate our business and further enable our long-term strategic pivot towards a global direct-to-consumer-oriented model (the "Next Generation Transformation project" or "NGT project").

The NGT project [removed: will be completed] [added: is expected to continue over the next several years, with implementation expected to occur] in phases [added: by region and/or capability,] and involves the redesigning of certain end-to-end processes and the implementation of a suite of technology systems on a global scale.

Such efforts are expected to result in significant process improvements and the creation of synergies across core areas of operations, [removed: including merchandise buying and planning, procurement, inventory management, retail and wholesale operations, and] [added: as well as] financial planning and reporting, better enabling us to optimize inventory levels and increase the speed with which we react to changes in consumer demand across markets, among other benefits.

In connection with the [removed: preliminary phase of the] NGT project, we incurred other charges of [added: $83.9 million,] $25.2 [removed: million] [added: million,] and $5.1 million during Fiscal [removed: 2025] [added: 2026, Fiscal 2025,] and Fiscal 2024, respectively, which were recorded within restructuring and other charges, net in the consolidated statements of operations.

The global economy and retail industry are impacted by many [removed: uncontrollable factors.][added: factors beyond our control.]

[removed: Most recently,] [added: In April 2025,] the U.S. announced significant changes to its trade [removed: policies,] [added: policies under the authority of the International Emergency Economic Powers Act ("IEEPA"),] including widespread tariff increases on imported goods, with potential [added: for new tariffs and] further increases [removed: and] [added: on existing tariffs in the future, as well as] revisions or terminations to existing trade agreements.

In response, many countries [removed: have] announced [removed: or are otherwise considering] retaliatory tariffs on U.S. exports and other trade restrictions.

[removed: This has led to significant] [added: These developments have also increased] uncertainty regarding the future relationship between the U.S. and other [removed: countries, as well as growing concerns about] [added: countries and could contribute to] a global trade war, higher inflation, and a [removed: potential] global [removed: recession,] [added: economic slowdown, any of] which has [removed: already caused] [added: caused, and could continue to cause,] significant volatility [removed: of] [added: in] global stock markets and foreign currency exchange rates.

Other recent economic conditions, including [added: increases in oil and other energy prices,] ongoing inflationary pressures, organized labor disputes, high interest rates, significant foreign currency volatility, and military conflicts (as discussed below), continue to impact consumer discretionary income levels, spending, and sentiment in the U.S. and beyond.

In response to such pressures, as well as to reduce elevated inventory levels, many retailers (particularly in the [removed: U.S.)] [added: U.S. and Europe)] continue to resort to promotional activity in an attempt to offset traffic declines and increase conversion.

The global economy has also been negatively impacted by ongoing military conflicts, including the [removed: Russia-Ukraine and Israel-Hamas wars, militant attacks on cargo vessels in the Red Sea,] [added: conflicts involving Iran] and other hostilities in the Middle East.

Although our [removed: voluntary decision to suspend operations in Russia has not resulted in a material impact to our consolidated financial statements and our] ongoing operations in [removed: Israel] [added: the Middle East] are [removed: also] not material, our business has been, and may continue to be, affected by the broader macroeconomic implications resulting from these and other military conflicts, including inflationary pressures, unfavorable foreign currency exchange rates, increases in [added: oil prices and other] energy prices, food shortages, and financial market volatility, among other factors, which have adversely impacted consumer sentiment and confidence.

It is not clear at this time how long these conflicts will endure, or if they will escalate further with additional countries [removed: declaring war against each other,] [added: taking part,] which could further amplify the impacts of the various macroeconomic factors described above and potentially result in a [added: prolonged] global [added: economic slowdown or] recession.

The global supply chain has also been negatively impacted by various factors, including disruptions [removed: at U.S. ports and] in the Red [removed: Sea.][added: Sea and recent increases in oil and gas prices, as discussed above.]

Although our business has not been significantly impacted by such disruptions, we have experienced some shipping delays [removed: impacting] [added: affecting] the timing of inventory [removed: receipts, and if such disruptions were to continue over a prolonged period, it could result in further inventory receipt delays and/or higher freight costs in the near-term and beyond.][added: receipts.]

We continue to monitor the current geopolitical landscape, including the potential impact of [removed: higher tariffs should they become effective.][added: changes to tariffs.]

In Fiscal [removed: 2025,] [added: 2026,] we reported net revenues of [removed: $7.079] [added: $8.115] billion, net income of [removed: $742.9] [added: $941.1] million, and net income per diluted share of [removed: $11.61,] [added: $15.11,] as compared to net revenues of [removed: $6.631] [added: $7.079] billion, net income of [removed: $646.3] [added: $742.9] million, and net income per diluted share of [removed: $9.71] [added: $11.61] in Fiscal [removed: 2024.][added: 2025.]

The comparability of our operating results has been affected by net restructuring-related charges, [removed: impairment of assets,] and certain other [removed: charges (benefits),] [added: charges,] as well as foreign currency volatility.

Our operating performance for Fiscal [removed: 2025] [added: 2026] reflected revenue increases of [removed: 6.8%] [added: 14.6%] on a reported basis and [removed: 7.7%] [added: 11.8%] on a constant currency basis, as defined within "*Transactions and Trends Affecting Comparability of Results of Operations and Financial Condition*" below.

Our gross profit as a percentage of net revenues increased by [removed: 180] [added: 130] basis points to [removed: 68.6%] [added: 69.9%] during Fiscal [removed: 2025,] [added: 2026,] primarily driven by [removed: the favorable geographic, channel, and product mix,] average unit retail ("AUR") growth, [added: product elevation,] and [removed: lower cotton costs,] [added: favorable foreign currency effects,] more than offsetting [removed: incremental] pressure from [added: tariffs and] non-cotton product [removed: costs and unfavorable foreign currency effects.][added: costs.]

Selling, general, and administrative ("SG&A") expenses as a percentage of net revenues [removed: increased] [added: decreased] by [removed: 30] [added: 70] basis points to [removed: 54.6%] [added: 53.9%] during Fiscal [removed: 2025,] [added: 2026,] largely attributable to [removed: geographic and channel mix, as well as increases across various expense categories, including] [added: operating leverage on] higher [removed: compensation-related expenses and] [added: net revenues despite] higher [added: compensation-related expenses,] marketing [removed: investments due to planned key campaign events.][added: investments, and variable selling expenses.]

Net income increased by [removed: $96.6] [added: $198.2] million to [removed: $742.9] [added: $941.1] million in Fiscal [removed: 2025] [added: 2026] as compared to Fiscal [removed: 2024,] [added: 2025,] primarily due to a [removed: $175.7] [added: $247.1] million increase in our operating income, partially offset by a [removed: $76.7] [added: $28.8] million increase in our income tax [removed: provision.][added: provision and a $20.1 million increase in our non-operating expense, net.]

Net income per diluted share increased by [removed: $1.90] [added: $3.50] to [removed: $11.61] [added: $15.11] per share during Fiscal [removed: 2025] [added: 2026] driven by the higher level of net income and lower weighted-average diluted shares outstanding.

During Fiscal [removed: 2025] [added: 2026] and Fiscal [removed: 2024,] [added: 2025,] our operating results were negatively impacted by net restructuring-related [removed: charges, impairment of assets,] [added: charges] and certain other charges [removed: (benefits)] totaling [removed: $57.8] [added: $118.1] million and [removed: $69.9] [added: $57.8] million, respectively, which had an after-tax effect of reducing net income by [removed: $46.0] [added: $92.1] million, or [removed: $0.72] [added: $1.48] per diluted share, and [removed: $52.6] [added: $46.0] million, or [removed: $0.80] [added: $0.72] per diluted share, respectively.

We ended Fiscal [removed: 2025] [added: 2026] in a net cash and short-term investments position (calculated as cash and cash equivalents, plus short-term investments, less total debt) of [removed: $940.4] [added: $826.1] million, as compared to [removed: $642.7] [added: $940.4] million as of the end of Fiscal [removed: 2024.][added: 2025.]

The [removed: increase] [added: decrease] in our net cash and short-term investments position [removed: during Fiscal 2025] [added: at March 28, 2026] as compared to [removed: Fiscal 2024] [added: March 29, 2025] was primarily due to our [removed: operating cash flows of $1.235 billion, partially offset by our] use of cash to support Class A common stock repurchases of [removed: $480.9] [added: $623.8] million, including withholdings in satisfaction of tax obligations for stock-based compensation awards, to invest in our business through [removed: $216.2] [added: $408.1] million in capital expenditures, and to make dividend payments of [removed: $201.1 million.][added: $216.5 million, partially offset by our operating cash flows of $1.154 billion.]

Net cash provided by operating activities was [removed: $1.235] [added: $1.154] billion during Fiscal [removed: 2025,] [added: 2026,] as compared to [removed: $1.070] [added: $1.235] billion during Fiscal [removed: 2024.][added: 2025.]

The net [removed: increase] [added: decrease] in cash provided by operating activities was due to [removed: an increase in net income before non-cash charges, as well as] a net [removed: favorable] [added: unfavorable] change related to our operating assets and liabilities, including our working capital, as compared to the prior fiscal [removed: year.][added: year, partially offset by an increase in net income before non-cash charges.]

For discussion related to the results of operations and changes in our cash flows for Fiscal 2025 compared to Fiscal 2024, refer to Part II, Item 7.

"*Management's Discussion and Analysis of Financial Condition and Results of Operations*" in our Fiscal 2025 Form 10-K.

In addition, we license to third parties for specified

During Fiscal 2026, we continued to advance key workstreams under the NGT project including completion of global design templates that support our core enterprise resource planning platform and related processes, automating certain distribution center operations, and progressing the global roll-out of merchandise allocation and long-range demand planning tools.

In February 2026, the U.S. Supreme Court invalidated the IEEPA tariffs previously applied to our imports, after which a new round of tariffs was announced by the current administration under an alternative U.S. Trade Act authority.

In March 2026, the U.S. Court of International Trade issued an order directing U.S. Customs and Border Protection to refund IEEPA tariffs that were previously collected, and in April 2026, U.S. Customs and Border Protection announced the refund process, leveraging the Consolidated Administration and Processing of Entries Claim Portal through a phased rollout.

Although we have taken steps to preserve our rights with respect to the potential refunds, there can be no assurance that we will receive any refunds, in whole or in part.

Prolonged disruptions or sustained increases in fuel prices could result in further inventory receipt delays and/or higher freight and transportation costs in the near-term and beyond.

However, our profitability will be negatively impacted should tariffs increase significantly across our supply chain.

The comparability of our operating results for Fiscal 2026 and Fiscal 2025 has been affected by certain transactions, including net restructuring-related charges and certain other charges totaling $118.1 million and $57.8 million, respectively.

| Net revenues | | | | | | $ | 8,114.5 | | | | | $ | 7,079.0 | | | | | $ | 1,035.5 | | | | | 14.6 | | % |

| Gross profit | | | | | | 5,669.2 | | | | | | 4,852.9 | | | | | | 816.3 | | | | | | 16.8 | | % |

| Operating income | | | | | | 1,179.2 | | | | | | 932.1 | | | | | | 247.1 | | | | | | 26.5 | | % |

| Interest expense | | | | | | (54.2) | | | | | | (44.1) | | | | | | (10.1) | | | | | | 22.8 | | % |

| Interest income | | | | | | 53.7 | | | | | | 74.0 | | | | | | (20.3) | | | | | | (27.4 | | %) |

| Net income | | | | | | $ | 941.1 | | | | | $ | 742.9 | | | | | $ | 198.2 | | | | | 26.7 | | % |

| Basic | | | | | | $ | 15.42 | | | | | $ | 11.86 | | | | | $ | 3.56 | | | | | 30.0 | | % |

| Diluted | | | | | | $ | 15.11 | | | | | $ | 11.61 | | | | | $ | 3.50 | | | | | 30.1 | | % |

| North America | | | | | | $ | 3,329.6 | | | | | $ | 3,050.1 | | | | | $ | 279.5 | | | | | $ | 1.9 | | | | | $ | 277.6 | | | | | 9.2 | | % | | | | 9.1 | | % |

| Europe | | | | | | 2,538.9 | | | | | | 2,174.9 | | | | | | 364.0 | | | | | | 173.8 | | | | | | 190.2 | | | | | | 16.7 | | % | | | | 8.7 | | % |

| Asia | | | | | | 2,103.5 | | | | | | 1,709.4 | | | | | | 394.1 | | | | | | 26.1 | | | | | | 368.0 | | | | | | 23.1 | | % | | | | 21.5 | | % |

| Total net revenues | | | | | | $ | 8,114.5 | | | | | $ | 7,079.0 | | | | | $ | 1,035.5 | | | | | $ | 201.9 | | | | | $ | 833.6 | | | | | 14.6 | | % | | | | 11.8 | | % |

- a $68.0 million increase related to our North America wholesale business largely driven by improved selling trends and strong replenishment orders.

The 70 basis point decline was largely attributable to operating leverage on higher net revenues despite higher compensation-related expenses, marketing investments, and variable selling expenses.

| Shipping and handling costs | | | | | | 25.8 | | |

| Staff-related expenses | | | | | | 20.2 | | |

| Consulting and professional fees | | | | | | 17.3 | | |

| Other | | | | | | 26.3 | | |

*Restructuring and Other Charges, Net.* During Fiscal 2026 and Fiscal 2025, we recorded restructuring charges of $25.9 million and $20.4 million, respectively, primarily consisting of severance and benefits costs.

During Fiscal 2026, we also recognized income of $24.2 million related to the settlements of credit card interchange fee litigation matters.

| Europe | | | | | | 704.6 | | | | | | 27.8% | | | | | | 566.2 | | | | | | 26.0% | | | | | | 138.4 | | | | | | 180 bps | | |

| Asia | | | | | | 577.2 | | | | | | 27.4% | | | | | | 413.2 | | | | | | 24.2% | | | | | | 164.0 | | | | | | 320 bps | | |

The decline in our effective tax rate was due to the favorable impact of uncertain tax positions, foreign-derived intangible income deduction and the tax impacts of compensation-related adjustments, partially offset by the unfavorable tax impact of earnings generated in higher taxed jurisdictions when compared to the prior fiscal year, the absence of a prior year favorable deferred tax adjustment

related to a transaction entered into as part of a reorganization of our corporate entity structure, and the absence of state and local credits received in the prior fiscal year.

| Equity | | | | | | $ | 2,841.4 | | | | | $ | 2,588.5 | | | | | $ | 252.9 | |

*•*an unfavorable change in our non-current liability for unrecognized tax benefits, as detailed in Note 9 to the accompanying consolidated financial statements;

- an unfavorable change in income tax receivables and payables due to higher tax payments in connection with certain non-routine tax transactions and the higher level of pretax income, as well as the timing of tax payments; and

- a $98.2 million net increase in cash proceeds from the issuance of debt, less debt repayments.

During Fiscal 2026, we received $498.2 million in proceeds from our issuance of the 5.000% Senior Notes (as defined below), a portion of which was used to repay $400 million of the 3.750% Senior Notes (as defined below) that matured in September 2025.

| | | | | | | March 28, 2026 | | | | | | | | | | | | | | |

| | | | | | | | | |

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However, should the proposed tariffs become effective, our profitability will be negatively impacted.

Net income during Fiscal 2024 also reflected an income tax benefit of $13.1 million, or $0.20 per diluted share, recorded in connection with non-recurring income tax events.

The comparability of our operating results for the three fiscal years presented herein has been affected by certain events, including:

- pretax charges incurred in connection with our restructuring activities, as well as certain other benefits (charges) as summarized below (references to "Notes" are to the notes to the accompanying consolidated financial statements):

| | | | | | | | | | | | | | | | | | | | | |

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| | | | | | | Fiscal Years Ended | | | | | | | | | | | | | | |

| | | | | | | March 29, 2025 | | | | | | March 30, 2024 | | | | | | April 1, 2023 | | |

| | | | | | | (millions) | | | | | | | | | | | | | | |

| Restructuring and other charges, net (see Note 9) | | | | | | $ | (57.0) | | | | | $ | (74.9) | | | | | $ | (43.0) | |

| Non-routine inventory benefits (charges)(a) | | | | | | — | | | | | | 4.5 | | | | | | (15.4) | | |

| Impairment of assets (see Note 8) | | | | | | (0.8) | | | | | | — | | | | | | (9.7) | | |

| Non-routine bad debt expense reversals(b) | | | | | | — | | | | | | 0.5 | | | | | | 2.1 | | |

| Total charges, net | | | | | | $ | (57.8) | | | | | $ | (69.9) | | | | | $ | (66.0) | |

(a)Non-routine inventory benefits (charges) are recorded within cost of goods sold in the consolidated statements of operations.

The benefits recorded during Fiscal 2024 primarily related to reversals of amounts previously recognized in connection with delays in U.S. customs shipment reviews and approvals (approximately $3 million) and the COVID-19 pandemic (approximately $2 million).

Non-routine inventory charges, net recorded during Fiscal 2023 primarily related to the Russia-Ukraine war (approximately $10 million) and delays in U.S. customs shipment reviews and approvals (approximately $5 million).

(b)Non-routine bad debt expense reversals are recorded within SG&A expenses in the consolidated statements of operations.

Non-routine bad debt reversals, net recorded during Fiscal 2024 and Fiscal 2023 primarily related to charges previously recognized in connection with the Russia-Ukraine war.

- a one-time tax benefit of $13.1 million recorded within our income tax provision during Fiscal 2024 in connection with Swiss tax reform and the European Union's anti-tax avoidance directive, which decreased our Fiscal 2024 effective tax rate by 170 basis points.

The following table summarizes our results of operations and expresses the percentage relationship to net revenues of certain financial statement captions.

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| | | | | | | Fiscal Years Ended | | | | | | | | | | | | | | | | | | | | |

| | | | | | | (millions, except per share data) | | | | | | | | | | | | | | | | | | | | |

| Net revenues | | | | | | $ | 7,079.0 | | | | | $ | 6,631.4 | | | | | $ | 447.6 | | | | | 6.8 | | % |

| Gross profit | | | | | | 4,852.9 | | | | | | 4,431.8 | | | | | | 421.1 | | | | | | 9.5 | | % |

| Impairment of assets | | | | | | (0.8) | | | | | | — | | | | | | (0.8) | | | | | | 100.0 | | % |

| Operating income | | | | | | 932.1 | | | | | | 756.4 | | | | | | 175.7 | | | | | | 23.2 | | % |

| Interest expense | | | | | | (44.1) | | | | | | (42.2) | | | | | | (1.9) | | | | | | 4.6 | | % |

| Interest income | | | | | | 74.0 | | | | | | 73.0 | | | | | | 1.0 | | | | | | 1.4 | | % |

| Net income | | | | | | $ | 742.9 | | | | | $ | 646.3 | | | | | $ | 96.6 | | | | | 14.9 | | % |

| Net income per common share: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Basic | | | | | | $ | 11.86 | | | | | $ | 9.91 | | | | | $ | 1.95 | | | | | 19.7 | | % |

| Diluted | | | | | | $ | 11.61 | | | | | $ | 9.71 | | | | | $ | 1.90 | | | | | 19.6 | | % |

(a)Effective tax rate is calculated by dividing the income tax provision by income before income taxes.

| | | | | | | % Change | | |

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Founded in 1967 by Mr. Ralph Lauren, we are a global leader in the design, marketing, and distribution of luxury lifestyle products, including apparel, [added: handbags,] footwear & accessories, [removed: home,] fragrances, [added: home,] and hospitality.

[removed: periods] [added: We grant our product licensees] the right to access our various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel categories, [added: footwear, accessories,] eyewear, fragrances, and home furnishings.

Our global reach is extensive, as we sell directly to customers throughout the world via our [removed: 564] [added: 594] retail stores and [removed: 671] [added: 644] concession-based shop-within-shops, as well as through our own digital commerce sites and those of various third-party digital partners.

Merchandise is also available through our wholesale distribution channels at [removed: over 9,400] [added: approximately 9,500] doors worldwide, the majority in specialty stores, as well as through the digital commerce sites of many of our wholesale customers.

In addition to our directly-operated stores and shops, our international licensing partners operate [removed: 116] [added: 135] stores.

As of March [removed: 29, 2025,] [added: 28, 2026,] Mr. R. Lauren, or entities controlled by the Lauren family, held approximately 85% of the voting power of the Company's outstanding common stock.

Our purpose [removed: is] to inspire the dream of a better life through authenticity and timeless [removed: style.][added: style extends to how we provide resources to support our employees' health, well-being, work-life harmony, and quality of life.]

Our core strengths include a portfolio of luxury lifestyle products spanning across five categories: [removed: apparel,] [added: Apparel, Handbags,] footwear & accessories, [removed: home, fragrances,] [added: Fragrances, Home,] and [removed: hospitality;] [added: Hospitality;] a well-diversified global multi-channel distribution network; an investment philosophy supported by a strong balance sheet; and an experienced management team.

During our September [removed: 2022] [added: 2025] Investor Day, we introduced our current 3-year long-term growth strategy for Fiscal [removed: 2023] [added: 2026] to Fiscal [removed: 2025,] [added: 2028,] which is presented below:

[removed: ][added: ]

[removed: - *Belonging & Equity* —] We believe [added: that] a [added: culture of inclusivity that welcomes a] diversity of backgrounds, skills, and experiences [removed: of our employees and our culture of inclusivity drive] [added: drives] innovation and creativity.

Our [removed: strategy is guided by three focus areas — *Talent*, *Engagement, and Learning* — and] [added: approach] is designed to create [added: and maintain] a culture of belonging, enable open dialogue, amplify all perspectives, and continue to [removed: grow and advance] [added: support] our best-in-class talent.

Our most recently published Global Citizenship & Sustainability Report covering Fiscal [removed: 2024] [added: 2025] may be found on our corporate website at https://corporate.ralphlauren.com/citizenship-and-sustainability.

Our Global Citizenship & Sustainability Report covering Fiscal [removed: 2025] [added: 2026] is expected to be released in September [removed: 2025.][added: 2026.]

See Item 1A — [removed: *"Risk] [added: "*Risk] Factors — Risks Related to Citizenship and Sustainability [removed: Issues."*][added: Issues.*"]

We [removed: are in the early stages of executing] [added: began] a [removed: large-scale] multi-year global project [added: in Fiscal 2024] that is expected to significantly transform the way in which we operate our business and further enable our long-term strategic pivot towards a global direct-to-consumer-oriented model (the "Next Generation Transformation project" or "NGT project").

The NGT project [removed: will be completed] [added: is expected to continue over the next several years, with implementation expected to occur] in phases [added: by region and/or capability,] and involves the redesigning of certain end-to-end processes and the implementation of a suite of technology systems on a global scale.

Such efforts are expected to result in significant process improvements and the creation of synergies across core areas of operations, [removed: including merchandise buying and planning, procurement, inventory management, retail and wholesale operations, and] [added: as well as] financial planning and reporting, better enabling us to optimize inventory levels and increase the speed with which we react to changes in consumer demand across markets, among other benefits.

In connection with the [removed: preliminary phase of the] NGT project, we incurred other charges of [added: $83.9 million,] $25.2 [removed: million] [added: million,] and $5.1 million during Fiscal [removed: 2025] [added: 2026, Fiscal 2025,] and Fiscal 2024, respectively, which were recorded within restructuring and other charges, net in the consolidated statements of operations.

Our products, which include apparel and [added: handbags,] footwear & accessories for men, women, and children, as well as our fragrance and home collections, together with our hospitality portfolio, comprise one of the most widely recognized families of consumer brands.

- *Apparel* — Our apparel products include extensive collections of men's, women's, and children's clothing, which are sold under various brand names, including Ralph Lauren Collection, Ralph Lauren Purple Label, Double RL, [added: Polo Ralph Lauren, Lauren Ralph Lauren, Polo Sport, RLX Ralph Lauren, Polo Ralph Lauren Children, and Chaps, among others.]

[removed: - *Footwear & Accessories* —] Our range of [added: handbags,] footwear & accessories encompasses men's, women's, and children's, including [added: handbags,] casual shoes, dress shoes, boots, sneakers, sandals, eyewear, watches, fashion and fine jewelry, scarves, hats, gloves, umbrellas, [removed: and leather goods, including handbags,] luggage, small leather goods, and belts, which are sold under our Ralph Lauren Collection, Ralph Lauren Purple Label, Double RL, Polo Ralph Lauren, Lauren Ralph Lauren, RLX Ralph Lauren, Polo Ralph Lauren Children, and Chaps brands.

Women's fragrance products are sold under our [removed: Ralph Lauren Collection, Woman by Ralph Lauren,] Romance Collection, and Ralph Collection.

2.Polo Ralph Lauren — [removed: The] [added: Our] Polo Ralph Lauren group includes:

With a sharpened focus on the needs of the modern player but rooted in the rich design tradition of Ralph Lauren, [removed: the Golf] [added: we offer Golf-focused] collections [added: that] combine state-of-the-art performance wear with luxurious finishing touches.

Pink Pony items feature our iconic [removed: pink] polo player *—* a symbol of our commitment to the fight against cancer.

Pink Pony is also available at select [removed: Macy's] [added: wholesale partners'] stores and [removed: online at Macys.com.][added: digital commerce sites.]

*Lauren Ralph Lauren.* Lauren for women combines aspirational timeless style with modern femininity in a lifestyle collection of sportswear, denim, and dresses, as well as [added: handbags,] footwear & accessories.

*Lauren Home.* Lauren Home collection includes accessibly-priced, timeless bath and bedding collections, as well as [removed: fabric and wall coverings, lighting, dining,] [added: lighting] and floor [removed: coverings, among others.][added: coverings.]

Chaps is available in select department stores and [removed: retail partners'] [added: mass merchant stores, as well as their] digital commerce sites across the U.S., Canada, and Mexico.

- *North America* — Our North America segment, representing approximately [removed: 43%] [added: 41%] of our Fiscal [removed: 2025] [added: 2026] net revenues, primarily consists of sales of our Ralph Lauren branded apparel, [added: handbags,] footwear & accessories, home, and related products made through our retail and wholesale businesses primarily in the U.S. and Canada.

*•Europe* — Our Europe segment, representing approximately 31% of our Fiscal [removed: 2025] [added: 2026] net revenues, primarily consists of sales of our Ralph Lauren branded apparel, [added: handbags,] footwear & accessories, home, and related products made through our retail and wholesale businesses in Europe and emerging markets.

[removed: Our wholesale business in Europe is comprised primarily of a] varying mix of sales to both department stores and specialty stores, depending on the country, as well as to various third-party digital and licensee partners.

*•Asia* — Our Asia segment, representing approximately [removed: 24%] [added: 26%] of our Fiscal [removed: 2025] [added: 2026] net revenues, primarily consists of sales of our Ralph Lauren branded apparel, [added: handbags,] footwear & accessories, home, and related products made through our retail and wholesale businesses in Asia, Australia, and New Zealand.

In addition to these reportable segments, we also have other non-reportable segments, representing approximately 2% of our Fiscal [removed: 2025] [added: 2026] net revenues, which primarily consist of Ralph Lauren and Chaps branded royalty revenues earned through our global licensing alliances.

Approximately [removed: 57%] [added: 59%] of our Fiscal [removed: 2025] [added: 2026] net revenues were earned outside of the U.S. See Note [removed: 20] [added: 19] to the accompanying consolidated financial statements for a summary of net revenues by segment and by geographic location, as well as additional financial metrics by segment.

Our retail business sells directly to customers throughout the world via our [removed: 564] [added: 594] retail stores and [removed: 671] [added: 644] concession-based shop-within-shops, totaling approximately 4.1 million and 0.7 million square feet, respectively, as well as through our own digital commerce sites and those of various third-party digital partners.

We also continue to scale and expand our [removed: Connected Retail] [added: Online to Offline] capabilities to enhance the consumer experience, which include Online Appointment Bookings, Digital Clienteling, Endless Aisle, Buy Online-Ship from Store, Buy Online-Pick Up in Store, Same-Day Delivery, and Mobile Point of Sale and contactless payments, among other capabilities.

Our Ralph Lauren stores feature a broad range of apparel, [added: handbags,] footwear & accessories, watch and jewelry, fragrance, and home product assortments in an atmosphere reflecting the distinctive attitude and image of the Ralph Lauren, Polo, and Double RL brands, including exclusive merchandise that is not sold in department stores.

During Fiscal [removed: 2025,] [added: 2026,] we opened [removed: 30] [added: 48] new Ralph Lauren stores and closed [removed: 10] [added: 13] stores.

Our Global Citizenship & Sustainability work focuses on enhancing the resilience of the teams, communities, partners and natural resources that are essential to our business.

Timeless by Design is our intentional approach to driving positive impact across our value chain.

Building on the meaningful progress made over the past several years, the next phase of our strategy, Timeless by Design 2030, advances our efforts with a focus on four pillars: Partner for Impact, Protect Natural Resources, Engage & Enable Teams, and Care for Communities.

1.Partner for Impact

Our supply chain efforts integrate risk assessment, monitoring, remediation, capability building and stakeholder engagement.

We seek to strengthen supplier relationships, increase transparency and traceability, advance empowerment and life-skills programs for the people who make our products and ensure systems are in place to deliver fair and timely compensation.

We also collaborate with industry partners and other stakeholders to address shared challenges, including supply chain decarbonization and responsible sourcing.

We have established targets to reduce greenhouse gas emissions across our operations and supply chain and to improve water-use efficiency, particularly in water‑stressed basins.

2.Protect Natural Resources

Our business depends on long-term access to natural resources, including raw materials and water.

We seek to advance efforts to enhance the resilience of natural resources and reduce our environmental impact and sourcing risk.

Our approach includes work related to soil health, waste management, circularity, chemical management and biodiversity.

We work to minimize waste and divert materials from landfill and incineration, and we are committed to the responsible management of chemicals used in our products and processes.

We also work to address key climate and nature-related impacts of natural materials, including cotton and other plant and animal-based textiles.

We source materials that meet defined preferred attributes and engage partners to improve soil health and strengthen land management and animal welfare practices.

As part of our integrated biodiversity approach, we are focusing on the most pressing nature issues for the Company — water quality, soil health and biodiversity — and aligning these efforts with our goals related to climate, water stewardship and chemical management.

3.Engage & Enable Teams

Our people are central to our success.

We work to create an environment where everyone feels valued and teams can harness their passion and creativity to inspire our customers to dream in a way that only Ralph Lauren can.

We do this through opportunities for growth and development, supporting their well-being and by fostering a culture of belonging — creating an employee experience that attracts and retains the industry's best talent.

Our approach to belonging and equity prioritizes open dialogue by amplifying all perspectives through year-round heritage events and structured programming.

We also provide comprehensive benefits and wellness offerings that support employees' physical, emotional, social and financial well‑being, helping our teams thrive and contribute to the long-term success of the Company.

To build a strong, connected global team, our career framework supports our growth through learning and development experiences, including the Ralph Lauren Mentoring Program, workshops and e-learnings.

We track our progress through our annual employee survey, with a continued focus on maintaining a high-performing score.

4.Care for Communities

We work to uplift the communities we serve globally through philanthropic giving, employee volunteering and strategic partnerships that advance opportunities to enable the dream of a better life for all.

Our community efforts include contributions made by the Company to the The Ralph Lauren Corporate Foundation and other non-profit charitable organizations, as well as employee‑led volunteer initiatives.

A central focus of our community engagement is Pink Pony, our long‑standing initiative in the fight against cancer, supporting programs for research, screenings, early diagnosis, treatment, education and patient navigation.

Additionally, our Community Outreach & Impact and Ralph Lauren Gives Back programs drive our work to care for the communities we serve.

During Fiscal 2026, we continued to advance key workstreams under the NGT project including completion of global design templates that support our core enterprise resource planning platform and related processes, automating certain distribution center operations, and progressing the global roll-out of merchandise allocation and long-range demand planning tools.

- *Handbags, Footwear & Accessories* — Our women's handbag collections embody the brand's commitment to timeless luxury and exceptional craftsmanship, created to be both functional and aspirational while upholding our heritage of quality and sophistication.

*Polo Ralph Lauren.* Men's Polo embodies the spirit of authenticity and timeless style inspired by the way men live, allowing them to express their individuality and personal style.

Heritage preppy icons like oxford shirts, chinos, and mesh polos are combined with signature tailored clothing.

Sport-inspired silhouettes, utility icons and sophisticated modern sportswear round out the collection's needs for all of our consumers.

Women's Polo is the reference point for warm, joyful, refined American style for women all around the world.

Polo Sport remains inspired by its origin story combining streetwear codes through the lens of sport style.

Our RLX products are tested and worn by top-ranked professional golfers.

Our wholesale business in Europe is comprised primarily of a

| Total | | | | | | 287 | | |

| Total | | | | | | 307 | | |

In addition, we license to third parties for specified

Our next Investor Day will be held in September 2025, during which we will present our latest long-term growth strategy.

At Ralph Lauren, our purpose to inspire the dream of a better life through authenticity and timeless style guides everything we do.

From creating iconic products to be worn, loved, and passed on through generations, to preserving the world's natural resources and supporting the people and communities that intersect our business, we continue to challenge ourselves when it comes to positively impacting our world.

That is what we call *Timeless by Design*, our approach to Global Citizenship and Sustainability and our ambition for a better future.

We weave our Company's purpose throughout our business through three key pillars:

1.Create with Intent

- *Integrated Circularity* — Our ethos of timelessness has always guided our creative vision.

Today, we continue to deepen this philosophy and are evolving the way our products are designed, made, used, and recirculated.

From empowering our designers with circular principles, to using materials that are sustainably sourced or recycled, our approach is designed to lessen our environmental impact.

- *Sustainable Materials* — Our iconic products are designed to be timeless and intended to be worn for generations.

With this in mind, we choose our materials thoughtfully to ensure high-quality and durability.

We are committed to using materials in ways that not only help our products live on, but also to help reduce environmental impact, protect biodiversity and animal welfare, support livelihoods, and improve the traceability of raw materials.

- *Design with Intent* — Since our founding, Ralph Lauren has been inspired by the beautiful and interconnected histories, arts, crafts, and cultures that make up the fabric of America.

We are on a journey to evolve from inspiration to collaboration with communities that inspire us, which includes taking meaningful steps to be more inclusive throughout our business, from how we design to how products go to market.

At its core, our Design with Intent function is about making sure the products we create and the stories we tell are authentic expressions of heritage, which is foundational to our timeless brand.

- *Value Chain for Impact* — To build a resilient and responsible supply chain, we are continuing to increase the transparency and traceability of our full value chain, strengthen our relationships with suppliers, and identify areas for improvement.

We work with our suppliers to respect human rights and promote environmental sustainability.

2.Protect the Environment

- *Climate* — Significant reductions to global greenhouse gas ("GHG") emissions are collectively needed so we can protect and preserve the natural resources on which we depend.

That is why we have committed to near-term and long-term targets to reduce absolute GHG emissions across our operations and supply chain.

- *Water Stewardship* — We are committed to reducing water consumption across our value chain, as it is critical for communities and ecosystems to thrive and is also an essential resource for our business.

We strive to conserve water throughout our operations, support our suppliers to improve their water use efficiency and responsibly manage wastewater, and help improve community access to this resource.

- *Waste Management* — We are committed to conserving natural resources by managing waste responsibly.

We work to minimize waste in our operations and divert waste from landfills and incineration through donation, reuse, and recycling.

Our goal is continued improvement as we incorporate "zero waste" principles throughout our business practices.

- *Chemical Management* — We are committed to monitoring and reducing hazardous chemical use and discharge from our supply chain.

- *Biodiversity* — Our business depends on critical resources such as freshwater and essential raw materials, and climate change and biodiversity loss are closely intertwined.

As ecosystems are increasingly threatened, we are committed to leveraging science to build an in-depth understanding of our current impacts on biodiversity.

3.Champion Better Lives

We are committed to further strengthening a sense of belonging and equal opportunities for all.

- *Employee Well-being* — Our people drive our success and we are dedicated to supporting the physical, emotional, social, and financial needs of our employees and their families to help them thrive.

To do so, we are focused on employee wellness, engagement, learning and development, and compensation and benefits.

- *Community Engagement and Philanthropy* — We seek to make the dream of a better life a reality in communities across the globe through contributions and actions that create positive social and environmental impact.

The two main drivers of our giving efforts are through the Company's Social and Community Impact department and donations to The Ralph Lauren Corporate Foundation.

- *Rights and Empowerment in the Supply Chain* — We are committed to conducting our global operations ethically with respect for the dignity of all people who make our products.

To support this, we work with our suppliers to build capacity, with workers to empower them, and with industry partners to collaborate for positive change.

Our comprehensive approach integrates risk assessment, monitoring, remediation, capability building, stakeholder engagement, life skills programs and empowerment opportunities for factory workers.

Polo Ralph Lauren, Lauren Ralph Lauren, Polo Golf Ralph Lauren, Ralph Lauren Golf, RLX Ralph Lauren, Polo Ralph Lauren Children, and Chaps, among others.

*Polo Ralph Lauren.* Men's Polo combines Ivy League classics and time-honored English haberdashery with downtown styles and all-American sporting looks in sportswear and tailored clothing.

*Interchange Case Settlements*

During the fourth quarter of Fiscal 2026, we entered into settlement agreements with Visa, Inc., Mastercard Incorporated, and other named parties to resolve credit card interchange fee litigation matters in which we were a plaintiff.

As a result of these settlements, we received $24.2 million of cash proceeds, net of legal fees, which were recognized as gains during the fourth quarter of Fiscal 2026.

We donated these proceeds to The Ralph Lauren Corporate Foundation, a non-profit charitable foundation, during the fourth quarter of Fiscal 2026.

The settlement gains and related offsetting donation expense were recorded within restructuring and other charges, net in the consolidated statements of operations.

See Note 8 to the accompanying consolidated financial statements.

For the fiscal year ended March [removed: 29, 2025][added: 28, 2026]

The aggregate market value of the registrant's voting common stock held by non-affiliates of the registrant was approximately [removed: $7.762] [added: $11.943] billion as of September [removed: 27, 2024,] [added: 26, 2025,] the last business day of the registrant's most recently completed second fiscal quarter based on the closing price of the common stock on the New York Stock Exchange.

At May [removed: 16, 2025, 38,442,532] [added: 15, 2026, 37,635,070] shares of the registrant's Class A common stock, $.01 par value and 21,881,276 shares of the registrant's Class B common stock, $.01 par value were outstanding.

Part III incorporates by reference information from certain portions of the registrant's definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended March [removed: 29, 2025.][added: 28, 2026.]

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| [Item [removed: 16.](#ie490c2bdeaca4fd89de003ae1c05f0d3_178)] [added: 16.](#i9605aec452904d17a70c83c7dfcc2d5f_178)] | | | [Form 10-K [removed: Summary](#ie490c2bdeaca4fd89de003ae1c05f0d3_178)] [added: Summary](#i9605aec452904d17a70c83c7dfcc2d5f_178)] | | | [removed: [77](#ie490c2bdeaca4fd89de003ae1c05f0d3_178)] [added: [70](#i9605aec452904d17a70c83c7dfcc2d5f_178)] | | |

| | | | [removed: [Signatures](#ie490c2bdeaca4fd89de003ae1c05f0d3_181)] [added: [Signatures](#i9605aec452904d17a70c83c7dfcc2d5f_181)] | | | [removed: [78](#ie490c2bdeaca4fd89de003ae1c05f0d3_181)] [added: [71](#i9605aec452904d17a70c83c7dfcc2d5f_181)] | | |

- the impact to our business resulting from the potential imposition of additional tariffs, duties, or taxes, changes to existing trade agreements, and other charges or barriers to trade, including those recently [removed: announced] [added: imposed] by the U.S. [added: following the U.S. Supreme Court ruling against the tariffs previously announced under the authority of the International Emergency Economic Powers Act ("IEEPA")] and [added: resulting potential refund status of the IEEPA tariffs,] any [removed: responding] retaliatory [removed: actions] [added: measures] implemented by impacted countries, and any related impact to global stock markets, foreign currency exchange rates, and existing inflationary pressures, as well as our ability to implement mitigating sourcing strategies;

- the impact of economic, political, and other conditions on us, our customers, suppliers, vendors, and lenders, including potential business disruptions related to ongoing military conflicts taking place in various parts of the world, most notably the [removed: Russia-Ukraine] [added: conflicts involving Iran] and [removed: Israel-Hamas wars,] other [removed: recent] [added: ongoing] hostilities in the Middle East, [removed: and militant attacks on cargo vessels in the Red Sea,] civil and political unrest, diplomatic tensions between the U.S. and other [removed: countries,] [added: countries and any resulting anti-American sentiment,] high interest rates, and bank failures, among other factors described herein;

- the impact to our business resulting from a [removed: recession] [added: prolonged slowdown in economic conditions] or changes in consumers' ability, willingness, or preferences to purchase discretionary items and luxury retail products, which tends to decline during [removed: recessionary periods,] [added: periods of economic weakness,] and our ability to accurately forecast consumer demand, the failure of which could result in either a build-up or shortage of inventory;

- the potential impact to our business resulting from supply chain disruptions, including those caused by capacity constraints, closed factories and/or labor shortages (stemming from pandemic diseases, labor disputes, strikes, or otherwise), man-made or natural disasters, scarcity of raw materials, port congestion, and scrutiny or detention of goods produced in certain territories resulting from laws, regulations, or trade restrictions, such as those imposed by the Uyghur Forced Labor Prevention Act ("UFLPA") or the Countering America's Adversaries Through Sanctions Act ("CAATSA"), which could result in shipment approval delays leading to inventory shortages and lost sales, as well as potential shipping delays, inventory shortages, and/or higher freight [added: and other operating] costs resulting from port strikes, the recent Red Sea crisis, [removed: and/or] disruptions to major waterways such as the Suez and Panama [removed: canals;][added: canals and the Strait of Hormuz, and/or increases in oil and other energy prices;]

- our ability to achieve anticipated operating enhancements and cost reductions from our [added: strategic initiatives and] restructuring plans, as well as the [added: resulting] impact to our [removed: business resulting from restructuring-related charges,] [added: business,] which may be dilutive to our earnings in the short term;

All references to "Fiscal 2026" represent the 52-week fiscal year [removed: ending] [added: ended] March 28, 2026.

All references to "Fiscal [removed: 2023"] [added: 2027"] represent the [removed: 52-week] [added: 53-week] fiscal year [removed: ended] [added: ending] April [removed: 1, 2023.][added: 3, 2027.]

- the potential impact on our business arising from developments and operational risks related to the implementation of artificial intelligence technologies and associated evolving regulatory requirements;

- the potential impact to our business resulting from pandemic diseases such as COVID-19, including periods of reduced operating hours and capacity limits and/or temporary closure of our stores, distribution centers, and corporate facilities, as well as those of our customers, suppliers, and vendors, and potential changes to consumer behavior, spending levels, and/or shopping preferences, such as willingness to congregate in shopping centers or other populated locations;

We have established a cybersecurity risk management program that is integrated into our overall enterprise risk management system and provides [removed: us] support in assessing, identifying, and managing material risks from cybersecurity threats.

Our enterprise risk management program is [removed: fully updated] [added: reviewed] annually and periodically updated and supplemented as new risks and opportunities are identified by management, including those related to cybersecurity risks.

This program includes a defense-in-depth approach with multiple layers of security controls, including network segmentation, [added: AI augmented] security monitoring, endpoint protection, and identity and access management, as well as data protection best practices and data loss prevention controls.

We incorporate external expertise and guidance in [removed: all] [added: various] aspects of our cybersecurity program.

We leverage industry best practices like Standardized Information Gathering [removed: ("SIG")] and recognized security certifications, including SOC 2, ISO 27001, and PCI-DSS, to assess our vendors.

We also conduct thorough penetration testing [added: of our assets hosted at third parties] and require vendors to adopt appropriate security controls through contractual agreements.

We [removed: thoroughly] assess potential vendors based on their role and the sensitivity of the IT resources they access.

Our vendors [added: are required to] follow a consistent risk management process in order to meet our high standards.

Furthermore, we enforce strict protocols, including limiting access to necessary information, ensuring data usage is confined to agreed-upon purposes, and [added: contractually] mandating the deletion or return of data upon service termination.

Our business strategy, results of operations, and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of any previous cybersecurity incidents; however, we cannot assure that cybersecurity threats [added: resulting in an incident] will not be material to us in the future.

The Audit Committee reviews our cybersecurity program on a quarterly basis, including [removed: through] review of a quarterly enterprise risk management report, and periodically convenes special meetings to conduct deeper preparedness, enterprise risk and business continuity reviews.

Our Chief Information Officer ("CIO") and Chief Information Security Officer ("CISO") attend all of these meetings and provide updates [removed: during] [added: to] them.

Our [removed: cybersecurity program is led by our CISO, a seasoned leader in the cybersecurity field with] [added: interim CISO brings] over [removed: 25] [added: 30] years of extensive experience across [removed: cybersecurity,] [added: information security,] IT, risk management, and regulatory compliance.

Holding [removed: both] a master's in computer [removed: engineering and business administration,] [added: applications,] our [added: interim] CISO is also a Certified Information [removed: Systems] Security [added: Systems] Professional ("CISSP").

Reporting directly to our CIO, [added: who is also a seasoned leader in] the [added: cybersecurity field, the interim] CISO leads a dedicated team of information security and risk professionals.

Collaborating closely with business stakeholders, our [added: interim] CISO [removed: shapes] [added: together with our CIO shape] a comprehensive cybersecurity strategy that serves as the cornerstone of our information security programs, supporting effective cybersecurity risk management.

Leading the cybersecurity risk assessment process, our [added: interim] CISO utilizes a robust incident response plan to handle high-severity cybersecurity incidents promptly.

In cases of potentially material cyberattack incidents, or a series of smaller similar incidents, our [added: interim] CISO promptly engages a cross-functional incident response team to determine the materiality of the incident and whether public disclosure is necessary.

The [added: interim] CISO informs our management leadership team on security matters and fosters a strong partnership with our corporate legal team to ensure compliance with legal, regulatory, privacy, and contractual security requirements.

Our cybersecurity program is currently led by our interim CISO while we search for a permanent replacement following the departure of our former CISO in Fiscal 2026.

We [removed: do not own any real property] [added: primarily lease space for our retail stores, showrooms, warehouses, and offices in various domestic and international locations,] except for our retail digital commerce call center and distribution facility in High Point, North Carolina, and our retail stores in [added: New York City (Prince Street),] Southampton and Easthampton, New York, and [removed: Nantucket,] [added: Nantucket and Boston (Newbury Street),] Massachusetts, which we own.

The following table sets forth information relating to our principal properties as of March [removed: 29, 2025:][added: 28, 2026:]

| 601 West 26th Street, NYC | | | | | | Corporate offices and showrooms | | | | | | [removed: 380,200] [added: 288,600] | | |

| 650 Madison Avenue, NYC | | | | | | Executive and corporate offices, design studio, and showrooms | | | | | | [removed: 182,000] [added: 141,900] | | |

| Long Island City, NY | | | | | | Corporate offices, design and digital production studios, showrooms, and warehousing | | | | | | [removed: 169,600] [added: 176,500] | | |

| [removed: Spinners Building,] [added: 83 King Lam Street,] Hong Kong | | | | | | Asia sourcing offices | | | | | | [removed: 69,200] [added: 65,900] | | |

| Watford, UK | | | | | | Europe corporate offices | | | | | | [removed: 28,000] [added: 23,800] | | |

| Prince's Building, Hong Kong | | | | | | Retail flagship store | | | | | | [removed: 9,500] [added: 7,900] | | |

As of March [removed: 29, 2025,] [added: 28, 2026,] we directly operated [removed: 564] [added: 594] retail stores, totaling approximately 4.1 million square feet.

| Katonah, NY | | | | | | Corporate offices and showroom | | | | | | 25,000 | | |

We primarily lease space for our retail stores, showrooms, warehouses, and offices in various domestic and international locations.

As of May [removed: 16, 2025,] [added: 15, 2026,] there were [removed: 595] [added: 570] holders of record of our Class A common stock and [removed: 7] [added: 8] holders of record of our Class B common stock.

No shares of our Class B common stock were converted into Class A common stock during the fiscal quarter ended March [removed: 29, 2025.][added: 28, 2026.]

The following table sets forth repurchases of shares of our Class A common stock during the fiscal quarter ended March [removed: 29, 2025:][added: 28, 2026:]

| December [removed: 29, 2024] [added: 28, 2025] to January [removed: 25, 2025] [added: 24, 2026] | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | [removed: 428] [added: 1,502] | |

(a) On May 15, [removed: 2025] [added: 2025,] our Board of Directors approved an expansion of the common stock repurchase program that allows us to repurchase up to an additional $1.500 billion of Class A common stock repurchases.

(b) Includes [removed: 1,750] [added: 879] shares surrendered to or withheld by the Company in satisfaction of withholding taxes in connection with the vesting of awards issued under its long-term stock incentive plans.

The following graph compares the cumulative total stockholder return (stock price appreciation plus dividends) on our Class A common stock to the cumulative total return of the Standard & Poor's ("S&P") 500 Index and the S&P 1500 Apparel, Accessories & Luxury Goods Index for the period from March [removed: 28, 2020,] [added: 27, 2021,] the last day of our [removed: 2020] [added: 2021] fiscal year, through March [removed: 29, 2025,] [added: 28, 2026,] the last day of our [removed: 2025] [added: 2026] fiscal year.

The returns are calculated by assuming a $100 investment made on March [removed: 28, 2020] [added: 27, 2021] in the Class A common stock and each index, with all dividends reinvested.

[removed: ][added: ]

| January 25, 2026 to February 21, 2026 | | | | | | 148,332 | | | | | | 337.87 | | | | | | 148,332 | | | | | | 1,452 | | |

| February 22, 2026 to March 28, 2026 | | | | | | 292,013 | | | (b) | | | 343.45 | | | | | | 291,134 | | | | | | 1,352 | | |

| | | | | | | 440,345 | | | | | | | | | | | | 439,466 | | | | | | | | |

Indexes calculated on month-end basis.

| January 26, 2025 to February 22, 2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | 428 | | |

| February 23, 2025 to March 29, 2025 | | | | | | 302,087 | | | (b) | | | 252.85 | | | | | | 300,337 | | | | | | 352 | | |

| | | | | | | 302,087 | | | | | | | | | | | | 300,337 | | | | | | | | |

| | | | 65 | | | | | |

| | | | 72 | | | | | |

There has been no change in our internal control over financial reporting during the fourth quarter of Fiscal [removed: 2025] [added: 2026] that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

During the three months ended March [removed: 29, 2025,] [added: 28, 2026,] none of our directors or officers (as defined in Item 408 of Regulation S-K of the Securities Exchange Act) adopted or terminated "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements" (each term as defined in Item 408 of Regulation S-K of the Securities Exchange Act).

| | | | 66 | | | | | |

| | | | 73 | | | | | |

Information relating to our directors and corporate governance will be set forth in the Company's proxy statement for its [removed: 2025] [added: 2026] annual meeting of stockholders to be filed within 120 days after March [removed: 29, 2025] [added: 28, 2026] (the "Proxy Statement") and is incorporated by reference herein.

The following table sets forth information as of March [removed: 29, 2025] [added: 28, 2026] regarding compensation plans under which the Company's equity securities are authorized for issuance:

| Equity compensation plans approved by security holders | | | | | | [removed: 2,033,095] [added: 1,636,049] | | | (1) | | | N/A | | | (2) | | | [removed: 2,223,169] [added: 2,085,084] | | | (3) | | |

(1)Consists of restricted stock units that are payable solely in shares of Class A common stock (including [removed: 517,039] [added: 523,680] service-based restricted stock units that have fully vested but for which the underlying shares have not yet been delivered as of March [removed: 29, 2025).][added: 28, 2026).]

(2)No options were outstanding as of March [removed: 29, 2025.][added: 28, 2026.]

| Total | | | | | | 1,636,049 | | | | | | $ | — | | | | | 2,085,084 | | | | | |

| | | | 67 | | | | | |

| Total | | | | | | 2,033,095 | | | | | | $ | — | | | | | 2,223,169 | | | | | |

| | | | 74 | | | | | |

| 4.2 | | | [removed: [Third] [added: [Fourth] Supplemental Indenture, dated as of [removed: August 9, 2018,] [added: June 3, 2020,] by and between Ralph Lauren Corporation and Wells Fargo Bank, National Association (filed as Exhibit 4.2 to the Company's Current Report on Form 8-K filed [removed: August 9, 2018)](https://www.sec.gov/Archives/edgar/data/1037038/000119312518244504/d605912dex42.htm)] [added: June 4, 2020)](https://www.sec.gov/Archives/edgar/data/1037038/000119312520159787/d903486dex42.htm)] | | |

| 4.3 | | | [removed: [Fourth] [added: [Fifth] Supplemental Indenture, dated as of June [removed: 3, 2020,] [added: 5, 2025,] by and between Ralph Lauren Corporation and [added: Computershare Trust Company, N.A., as successor to] Wells Fargo Bank, National [removed: Association] [added: Association, as trustee] (filed as Exhibit 4.2 to the Company's Current Report on Form 8-K filed June [removed: 4, 2020)](https://www.sec.gov/Archives/edgar/data/0001037038/000119312520159787/d903486dex42.htm)] [added: 5, 2025)](https://www.sec.gov/Archives/edgar/data/1037038/000110465925056866/tm2516252d6_ex4-2.htm)] | | |

| 21.1* | | | [List of Subsidiaries of the [removed: Company](https://www.sec.gov/Archives/edgar/data/1037038/000103703825000011/rl-20250329x10kex211.htm)] [added: Company](https://www.sec.gov/Archives/edgar/data/1037038/000162828026037074/rl-20260328x10kex211.htm)] | | |

| 23.1* | | | [Consent of Ernst & Young [removed: LLP](https://www.sec.gov/Archives/edgar/data/1037038/000103703825000011/rl-20250329x10kex231.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/1037038/000162828026037074/rl-20260328x10kex231.htm)] | | |

| 31.1* | | | [Certification of Principal Executive Officer pursuant to 17 CFR [removed: 240.13a-14(a)](https://www.sec.gov/Archives/edgar/data/1037038/000103703825000011/rl-20250329x10kex311.htm)] [added: 240.13a-14(a)](https://www.sec.gov/Archives/edgar/data/1037038/000162828026037074/rl-20260328x10kex311.htm)] | | |

| 31.2* | | | [Certification of Principal Financial Officer pursuant to 17 CFR [removed: 240.13a-14(a)](https://www.sec.gov/Archives/edgar/data/1037038/000103703825000011/rl-20250329x10kex312.htm)] [added: 240.13a-14(a)](https://www.sec.gov/Archives/edgar/data/1037038/000162828026037074/rl-20260328x10kex312.htm)] | | |

| 32.1* | | | [Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1037038/000103703825000011/rl-20250329x10kex321.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1037038/000162828026037074/rl-20260328x10kex321.htm)] | | |

| 32.2* | | | [Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1037038/000103703825000011/rl-20250329x10kex322.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1037038/000162828026037074/rl-20260328x10kex322.htm)] | | |

| | | | 68 | | | | | |

| | | | 69 | | | | | |

| | | | 75 | | | | | |

| | | | 76 | | | | | |

| Date: May [removed: 22, 2025] [added: 21, 2026] | | | | | | | | |

| /S/ RALPH LAUREN | | | | | | Executive Chairman, Chief Creative Officer, and Director | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /S/ PATRICE LOUVET | | | | | | President, Chief Executive Officer, and Director (Principal Executive Officer) | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /S/ JUSTIN M. PICICCI | | | | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /s/ DAVID LAUREN | | | | | | Vice Chairman, Chief Branding and Innovation Officer, Strategic Advisor to the CEO, and Director | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /S/ ANGELA AHRENDTS | | | | | | Director | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /S/ FRANK A. BENNACK, JR. | | | | | | Director | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /s/ DEBRA CUPP | | | | | | Director | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /s/ LINDA FINDLEY | | | | | | Director | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /s/ MICHAEL A. GEORGE | | | | | | Director | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /S/ VALERIE JARRETT | | | | | | Director | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /S/ DARREN WALKER | | | | | | Director | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| /S/ WEI ZHANG | | | | | | Director | | | | | | May [removed: 22, 2025] [added: 21, 2026] | | |

| [Consolidated Balance [removed: Sheets](#ie490c2bdeaca4fd89de003ae1c05f0d3_187)] [added: Sheets](#i9605aec452904d17a70c83c7dfcc2d5f_187)] | | | | | | [removed: F-[2](#ie490c2bdeaca4fd89de003ae1c05f0d3_187)] [added: F-[2](#i9605aec452904d17a70c83c7dfcc2d5f_187)] | | |

| [Consolidated Statements of [removed: Operations](#ie490c2bdeaca4fd89de003ae1c05f0d3_190)] [added: Operations](#i9605aec452904d17a70c83c7dfcc2d5f_190)] | | | | | | [removed: F-[3](#ie490c2bdeaca4fd89de003ae1c05f0d3_190)] [added: F-[3](#i9605aec452904d17a70c83c7dfcc2d5f_190)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ie490c2bdeaca4fd89de003ae1c05f0d3_196)] [added: Income](#i9605aec452904d17a70c83c7dfcc2d5f_196)] | | | | | | [removed: F-[4](#ie490c2bdeaca4fd89de003ae1c05f0d3_196)] [added: F-[4](#i9605aec452904d17a70c83c7dfcc2d5f_196)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ie490c2bdeaca4fd89de003ae1c05f0d3_199)] [added: Flows](#i9605aec452904d17a70c83c7dfcc2d5f_199)] | | | | | | [removed: F-[5](#ie490c2bdeaca4fd89de003ae1c05f0d3_199)] [added: F-[5](#i9605aec452904d17a70c83c7dfcc2d5f_199)] | | |

| [Consolidated Statements of [removed: Equity](#ie490c2bdeaca4fd89de003ae1c05f0d3_202)] [added: Equity](#i9605aec452904d17a70c83c7dfcc2d5f_202)] | | | | | | [removed: F-[6](#ie490c2bdeaca4fd89de003ae1c05f0d3_202)] [added: F-[6](#i9605aec452904d17a70c83c7dfcc2d5f_202)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ie490c2bdeaca4fd89de003ae1c05f0d3_208)] [added: Statements](#i9605aec452904d17a70c83c7dfcc2d5f_208)] | | | | | | [removed: F-[7](#ie490c2bdeaca4fd89de003ae1c05f0d3_208)] [added: F-[7](#i9605aec452904d17a70c83c7dfcc2d5f_208)] | | |

| [Management's Report on Responsibility For Financial [removed: Statements](#ie490c2bdeaca4fd89de003ae1c05f0d3_277)] [added: Statements](#i9605aec452904d17a70c83c7dfcc2d5f_277)] | | | | | | [removed: F-[52](#ie490c2bdeaca4fd89de003ae1c05f0d3_277)] [added: F-[52](#i9605aec452904d17a70c83c7dfcc2d5f_277)] | | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#ie490c2bdeaca4fd89de003ae1c05f0d3_280) [](#ie490c2bdeaca4fd89de003ae1c05f0d3_280)(PCAOB] [added: Firm](#i9605aec452904d17a70c83c7dfcc2d5f_280) [](#i9605aec452904d17a70c83c7dfcc2d5f_280)(PCAOB] ID: 42) | | | | | | [removed: F-[53](#ie490c2bdeaca4fd89de003ae1c05f0d3_280)] [added: F-[53](#i9605aec452904d17a70c83c7dfcc2d5f_280)] | | |

| | | | | | | March [added: 28, 2026 | | | | | | March] 29, 2025 | | | | | | March 30, 2024 | | |

| Cash and cash equivalents | | | | | | $ | [removed: 1,922.5] [added: 1,988.0] | | | | | $ | [removed: 1,662.2] [added: 1,922.5] | |

| Short-term investments | | | | | | [removed: 160.5] [added: 77.0] | | | | | | [removed: 121.0] [added: 160.5] | | |

| Accounts receivable, net of allowances of [removed: $186.3] [added: $228.7] million and [removed: $175.3] [added: $186.3] million | | | | | | [removed: 459.5] [added: 491.7] | | | | | | [removed: 446.5] [added: 459.5] | | |

| Inventories | | | | | | [removed: 949.6] [added: 1,014.3] | | | | | | [removed: 902.2] [added: 949.6] | | |

| Income tax receivable | | | | | | [removed: 55.4] [added: 77.8] | | | | | | [removed: 56.0] [added: 55.4] | | |

| Prepaid expenses and other current assets | | | | | | [removed: 242.4] [added: 238.4] | | | | | | [removed: 171.9] [added: 242.4] | | |

| Total current assets | | | | | | [removed: 3,789.9] [added: 3,887.2] | | | | | | [removed: 3,359.8] [added: 3,789.9] | | |

| Property and equipment, net | | | | | | [removed: 846.4] [added: 1,070.6] | | | | | | [removed: 850.4] [added: 846.4] | | |

| Operating lease right-of-use assets | | | | | | [removed: 1,013.1] [added: 1,299.6] | | | | | | [removed: 1,014.6] [added: 1,013.1] | | |

| Deferred tax assets | | | | | | [removed: 335.4] [added: 345.1] | | | | | | [removed: 288.3] [added: 335.4] | | |

| Goodwill | | | | | | [removed: 888.5] [added: 904.2] | | | | | | [removed: 888.1] [added: 888.5] | | |

| Intangible assets, net | | | | | | [removed: 62.8] [added: 93.3] | | | | | | [removed: 75.7] [added: 62.8] | | |

| Other non-current assets | | | | | | [removed: 111.2] [added: 139.5] | | | | | | [removed: 125.7] [added: 111.2] | | |

| Total assets | | | | | | $ | [removed: 7,047.3] [added: 7,739.5] | | | | | $ | [removed: 6,602.6] [added: 7,047.3] | |

| Current portion of long-term debt | | | | | | $ | [removed: 399.7] [added: —] | | | | | $ | [removed: —] [added: 399.7] | |

| Accounts payable | | | | | | [removed: 436.0] [added: 431.0] | | | | | | [removed: 332.2] [added: 436.0] | | |

| Current income tax payable | | | | | | [removed: 146.5] [added: 80.0] | | | | | | [removed: 79.8] [added: 146.5] | | |

| Current operating lease liabilities | | | | | | [removed: 225.4] [added: 211.7] | | | | | | [removed: 245.5] [added: 225.4] | | |

| | | | 70 | | | | | |

| /S/ CESAR CONDE | | | | | | Director | | | | | | May 21, 2026 | | |

| Cesar Conde | | | | | | | | | | | | | | |

| | | | 71 | | | | | |

| | | | 72 | | | | | |

| Net income | | | | | | $ | 941.1 | | | | | $ | 742.9 | | | | | $ | 646.3 | |

| Acquisitions of intangible assets | | | | | | (41.2) | | | | | | — | | | | | | — | | |

| Proceeds from the issuance of long-term debt | | | | | | 498.2 | | | | | | — | | | | | | — | | |

| Other financing activities | | | | | | (4.4) | | | | | | — | | | | | | — | | |

| Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 48.6 | | | | | | | | |

| Repurchases of common stock, including excise tax | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2.4 | | | | | | (627.2) | | | | | | | | | | | | (627.2) | | |

| Balance at March 28, 2026 | | | | | | 135.4 | | | | | | $ | 1.3 | | | | | $ | 3,142.7 | | | | | $ | 8,310.6 | | | | | 75.3 | | | | | | $ | (8,361.9) | | | | | $ | (251.3) | | | | | $ | 2,841.4 | |

| Total | | | | | | $ | 266.5 | |

| | | | | | | March 28, 2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Retail | | | | | | $ | 2,245.9 | | | | | $ | 1,262.5 | | | | | $ | 2,024.2 | | | | | $ | — | | | | | $ | 5,532.6 | |

| Wholesale | | | | | | 1,083.7 | | | | | | 1,276.4 | | | | | | 79.3 | | | | | | — | | | | | | 2,439.4 | | |

| Licensing | | | | | | — | | | | | | — | | | | | | — | | | | | | 142.5 | | | | | | 142.5 | | |

| Total | | | | | | $ | 3,329.6 | | | | | $ | 2,538.9 | | | | | $ | 2,103.5 | | | | | $ | 142.5 | | | | | $ | 8,114.5 | |

Ownership interests that do not provide

| | | | | | | March 28, 2026 | | | | | | March 29, 2025 | | | | | | March 30, 2024 | | |

| Foreign currency translation | | | | | | 0.4 | | | | | | — | | |

Alternatively, for asset acquisition transactions under which the Company does not acquire a business, goodwill is not recognized, and the identifiable assets acquired are measured based on the cost of the acquisition.

manner as foreign currency translation adjustments.

Accounting for and Disclosure of Software Costs

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06").

Among its provisions, ASU 2025-06 modernizes and clarifies the threshold for when an entity is required to start capitalizing internal-use software costs, which occurs when (i) management has authorized and committed to funding a software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended.

The guidance in ASU 2025-06, which can be applied prospectively, retrospectively, or via a modified transition approach, becomes effective for the Company beginning in its fiscal year ending March 31, 2029 ("Fiscal 2029"), with early adoption permitted.

The Company is evaluating the impact that the guidance will have on its consolidated financial statements and related disclosures.

See Note 9 for further discussion of income taxes.

| | | | | | | 3,820.3 | | | | | | 3,438.2 | | |

| Balance at March 28, 2026 | | | | | | $ | 421.8 | | | | | $ | 297.8 | | | | | $ | 52.6 | | | | | $ | 132.0 | | | | | $ | 904.2 | |

| | | | | | | March 28, 2026 | | | | | | | | | | | | | | | | | | March 29, 2025 | | | | | | | | | | | | | | |

| Fiscal 2031 | | | | | | 5.3 | | |

| Total | | | | | | $ | 45.0 | |

| | | | | | | March 28, 2026 | | | | | | March 29, 2025 | | |

| | | | | | | March 28, 2026 | | | | | | March 29, 2025 | | |

| | | | | | | March 28, 2026 | | | | | | March 29, 2025 | | |

| Restructuring liability | | | | | | 21.1 | | | | | | 15.5 | | |

| Accrued interest | | | | | | 21.0 | | | | | | 9.3 | | |

| | | | | | | March 28, 2026 | | | | | | March 29, 2025 | | |

| | | | | | | | | |

| | | | 77 | | | | | |

| | | | 78 | | | | | |

| /S/ HUBERT JOLY | | | | | | Director | | | | | | May 22, 2025 | | |

| Hubert Joly | | | | | | | | | | | | | | |

| | | | 79 | | | | | |

| Non-current income tax payable | | | | | | — | | | | | | 42.2 | | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Impairment of assets | | | | | | (0.8) | | | | | | — | | | | | | (9.7) | | |

| Impairment of assets | | | | | | 0.8 | | | | | | — | | | | | | 9.7 | | |

| Balance at April 2, 2022 | | | | | | 131.8 | | | | | | $ | 1.3 | | | | | $ | 2,748.8 | | | | | $ | 6,274.9 | | | | | 61.9 | | | | | | $ | (6,308.7) | | | | | $ | (180.3) | | | | | $ | 2,536.0 | |

| Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (15.7) | | | | | | | | |

| Repurchases of common stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5.1 | | | | | | (488.6) | | | | | | | | | | | | (488.6) | | |

| Total | | | | | | $ | 304.6 | |

| | | | | | | April 1, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Retail | | | | | | $ | 1,872.6 | | | | | $ | 858.4 | | | | | $ | 1,322.1 | | | | | $ | — | | | | | $ | 4,053.1 | |

| Wholesale | | | | | | 1,147.9 | | | | | | 980.8 | | | | | | 104.6 | | | | | | — | | | | | | 2,233.3 | | |

| Licensing | | | | | | — | | | | | | — | | | | | | — | | | | | | 157.2 | | | | | | 157.2 | | |

| Total | | | | | | $ | 3,020.5 | | | | | $ | 1,839.2 | | | | | $ | 1,426.7 | | | | | $ | 157.2 | | | | | $ | 6,443.6 | |

The

The Company's share of equity-

given its election to account for lease and non-lease components together as a single lease component.

Rather, goodwill and such indefinite-lived intangible assets are assessed for impairment at least annually.

arrangements with counterparties, when possible, to further mitigate credit risk.

Early adoption is also permitted.

ASU 2023-09 is effective for the Company for annual periods beginning in Fiscal 2026, and is to be applied prospectively, although retrospective application is permitted.

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU No. 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07").

ASU 2023-07 requires entities to make certain enhanced segment disclosures on both an annual and interim basis, including disclosure of significant segment expenses that are regularly provided to their chief operating decision maker (the "CODM") as defined within Accounting Standards Codification Topic 280, "Segment Reporting," as well as various information about an entity's CODM, among other provisions.

ASU 2023-07 does not change how entities identify their operating segments, aggregate them, or apply the quantitative thresholds to determine their reportable segments.

The annual disclosures required by ASU 2023-07 are effective for the Company beginning in Fiscal 2025, with interim disclosures effective beginning in Fiscal 2026.

Other than the new disclosure requirements, ASU 2023-07 did not have an impact on the Company's consolidated financial statements.

Disclosure of Supplier Finance Program Obligations

In September 2022, the FASB issued ASU No. 2022-04, "Disclosure of Supplier Finance Program Obligations" ("ASU 2022-04").

ASU 2022-04 requires entities to disclose the key terms of supplier finance programs they use in connection with the purchase of goods and services, along with the amount of obligations outstanding at the end of each period and an annual rollforward of such obligations.

This standard does not affect the recognition, measurement, or financial statement presentation of supplier finance program obligations.

ASU 2022-04 became effective for the Company beginning in Fiscal 2024.

The Company has made all required disclosures for all dates as of which a balance sheet is presented, except for the annual rollforward disclosure, which was adopted and applied prospectively in the fourth quarter of Fiscal 2025.

Other than the new disclosure requirements, ASU 2022-04 did not have an impact on the Company's consolidated financial statements.