Fashion icon Ralph Lauren has eschewed his entire salary for 2021.
Many of the American clothing brand's stores have been forced to close temporarily amid the intensifying coronavirus in March, though bosses at the company recently announced that fulfilment centres and online ordering would soon be available again.
However, Lauren released a statement on Tuesday in which he and his colleagues at the Ralph Lauren Corporation outlined the ways they will endeavour to support workers and shareholders throughout the Covid-19 pandemic.
"The impact of Covid-19 on the world, on our industry and on our business is profound and wide-reaching," said Lauren, the company's executive chairman and chief creative officer. "For more than 50 years, we have embraced the idea of timelessness - focusing on what lasts. It has defined not only our products but our business and our culture."
Lauren added that the principle of timelessness would help Ralph Lauren Corporation weather the economic impact of the pandemic, adding: "So that we will not only endure this crisis but thrive again for years to come."
As well as deferring from his salary, Lauren will not draw his 2020 yearly bonus. The sacrifice is just one of several made at an executive level at the company.
President and chief executive officer Patrice Louvet will reduce his salary by 50 per cent, and the executive and global eadership teams will reduce their salaries by 20 per cent for the first fiscal quarter of 2021.
The Board of Directors will also take a cut, renouncing all cash compensation for 2021's first quarter.
A portion of the reductions will go to Ralph Lauren Company's Employee Relief Fund, administered by the Emergency Assistance Foundation, which offers grants to employees suffering financial hardships.
In a statement announcing the mitigations, a company representative said it is "focused on the need to support our employees and safeguard our business so that we are positioned to emerge quickly from this crisis in a place of strength."
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