This was an inevitable collaboration. Polo has deep roots in street culture – think Lo Lifes. But Ralph Lauren never truly wanted to have its brand associated with certain consumers and missed out on streetwear influence and financial growth. But not wanting to continue to miss out on an opportunity – Last week in the Tokyo’s Shibuya district, three billboards signalled the arrival of a “not so” surprising new fashion collaboration. On a navy-blue background, Polo Ralph Lauren’s signature pony appeared above bold italic lettering spelling “Palace.” As street culture has gone mainstream, turning labels like Supreme into major businesses, Ralph Lauren hasn’t reaped the benefits. Now in its 50th year, the company is struggling to connect with young millennials and generated nearly a billion dollars less revenue in its most recent fiscal year than it did two years before. In June, Ralph Lauren unveiled a new strategy to boost sales by $1 billion over five years. Lev Tanju, founder of Palace tells Business Of Fashion, “That tells you everything you need to know right there,” here.
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