Ralph Lauren follows Ford's roadmap to turn itself around
It is facing growing competition, changing consumer tastes, slumping sales and profits
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New York
WHEN Ralph Lauren Corp recently unveiled a turnaround plan, calling it "The Way Forward", it unwittingly invoked another all-American icon fallen on hard times: Ford Motor, whose "Way Forward" plan in 2006 saved the carmaker from bankruptcy.
Ford's success has become a staple of business school case studies. And much of the current Ralph Lauren strategy seems inspired by the Ford playbook - enhancing a venerable but financially challenged brand by slashing costs, reducing the work force, closing stores and improving quality.
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