
The cheongsam is everywhere right now — and its return is charged with new meaning
"It's like seeing the last glory of [the cheongsam]," said Guo, founder of Hoeng Gong Silk Co, which sells both vintage and contemporary garments. "They were still making cheongsams like they're going to wear it for the next 50 years of their life."
Seen as a symbol of bourgeois decadence, the cheongsam, or qipao, faded from daily life under the rule of Mao Zedong and during the Cultural Revolution. Today, the garment — common at one time and later mostly reserved for weddings, pageants and even uniforms — is finding new life and meaning, and is the source of new debate.
Designers like Vivienne Tam and Huishan Zhang are reimagining the cheongsam with new silhouettes and bringing it back into the conversation.
On TikTok and Instagram, searches for cheongsam and qipao turn up no shortage of posts, with some going full vintage and others mixing in denim and bold accessories.
It's more than just a fleeting trend — it's a reawakening that stitches a traditional garment together with the present.
"There's definitely this idea of revival there, because I think it's becoming something that's both traditional and trending," Guo said. Over the past decade, she's noticed cheongsams and classic Chinese style gaining new prominence in the Chinese community at home and abroad, even amid the outsize influence of Western styles and brands.
According to a 2024 study by the International Textile and Apparel Association, 98 per cent of the Gen-Zers surveyed in the U.S. could recognize the cheongsam. Of five modern styles shown, over half of the participants favoured the one that retained more of the classic details: double slits, a high collar and a dragon motif.
But this revival goes deeper than esthetics. For many, the cheongsam is a reclamation of what once felt too sexy, too ethnic and, at the same time, too old-fashioned. Now, it's being rethreaded as a symbol of pride, self-expression and belonging.
The cheongsam's silhouette is instantly recognizable: high-collared, form-fitting and etched in the Western consciousness thanks to Wong Kar-wai's In the Mood for Love. In the 2000 film, Maggie Cheung wears more than 20 cheongsams, each a nod to 1960s Hong Kong, when the dress was an everyday staple. But the cheongsam's story begins much earlier and takes unexpected twists.
Cheongsam (Cantonese for "long garment") and qipao (Mandarin for "banner robe") are often used interchangeably, but by some accounts, they're actually two distinct styles. The original qipao was a loose A-line robe worn by the Manchus, who ruled during the Qing dynasty, whereas today's cheongsam took shape in 1920s Shanghai, blending Western tailoring with shifting ideas of femininity.
And with that evolution into a form-fitting garment with side slits, it quickly stirred debate. "Some people might say cheongsam was a liberation of the female body at the time, and that's how it started," said East Asian fashion historian Jonathan Lee. "At the same time, there were also other people who were criticizing it because it went against the Chinese values of, like … you shouldn't show too much skin."
After the Chinese Communist Party took power in 1949, the cheongsam fell out of favour in mainland China. But in Hong Kong, where many Shanghainese fled, the dress became part of daily life in the 1950s and '60s, albeit with tighter cuts and shorter hemlines. But starting in the 1960s, locals started favouring Western styles, like jeans and T-shirts, and the cheongsam was soon reserved for special occasions.
Ironically, by the time the cheongsam was less a part of everyday life in the East, it had become fixed in the Western imagination — not as a practical garment, but as visual shorthand for Orientalist fantasies. In films like Daughter of the Dragon and The World of Suzie Wong, it served to objectify Chinese women and was a symbol of exoticism and danger — the hallmark of the "Dragon Lady" and "China Doll" tropes.
Though still something of a relic, the dress turned up on the runways in the '90s and early 2010s, reinterpreted by Anna Sui and Louis Vuitton.
Now, designers and creatives are reclaiming the cheongsam, not just in form, but in meaning too. For Lee — who was born in Canada, but grew up in Hong Kong — its return makes sense. He sees it, in part, as a cultural anchor and a search for identity in a time of social and political flux.
"During the 2010s, in a post-colonial era, when Hong Kongers are trying to figure out who we are and what Hong Kong culture really means, [there was a return to the past]," he said. "The cheongsam is very prominent in our collective memories."
But as the cheongsam resurfaces in the mainstream, it has come with questions around cultural ownership.
The brands Reformation, Urban Outfitters and ASOS have all drawn criticism for using the cheongsam's silhouette and details, like mandarin collars and pankou knot buttons, without acknowledging its cultural roots. Reformation's infamous leopard-print May dress, for example, echoed the cheongsam's esthetic, but made no mention of its name or origins. In 2019, the fast-fashion brand PrettyLittleThing released a cheongsam-inspired collection, a collaboration with the British girl group Little Mix marketed as "the ultimate party-wear looks," further flattening its meaning with a hypersexualized costume.
"Appropriation and appreciation is such a fine line," Lee said. "It's easy to fall into either side." He believes it all depends on context, intent and who is telling the story. "If you're just trying to make money out of it because you think it's exotic or sexy, I think that's appropriation because you're just exoticizing … a Chinese woman's body," Lee said. "On the other hand, if your intention is, for example, teaching people how to make cheongsam in a traditional way or … building a strong sense of community, that is appreciation."
Julie Liu, founder of the modern cheongsam brand Qipology, said awareness is key. "We've done educational posts on, How come the garment is designed this way? What does the mandarin collar mean? What's the difference between, like, the qipao and the cheongsam?" she said. "I think it's just about how brands educate the client because there's actually a lot of technical stuff involved that a normal consumer might not know."
Liu also advocates for inclusive styling, including mixing and matching qipao-inspired jackets or tops, and not treating the cheongsam as a one-note occasion piece. "Everyone's doing [Instagram] reels celebrating Chinese New Year in cheongsams and Tang jackets," she said. "But I feel like, yeah, Why only during that specific time of the year?"
Apart from the broader reclamation of culture and identity, Lee can imagine a renewed appreciation for the craftsmanship and sustainability often inherent to the garment. He predicted the pendulum will swing from fast and even "super-fast fashion" back to slow fashion. At that point, he thinks people could again come to consider the cheongsam a symbol of luxury.
More than just tradition, the cheongsam, in all its varied forms, speaks to those who live at the intersection of cultures, generations and identities. In Lee's words, it defies a black and white definition: "That in-betweenness may eventually … resonate with a lot of people who also don't feel like they belong anywhere."
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Eastern, Thursday, August 14, 2025 by dialing 203-369-3268 or 800-391-9851 and entering passcode 5518. ABOUT RALPH LAUREN Ralph Lauren Corporation (NYSE:RL) is a global leader in the design, marketing and distribution of luxury lifestyle products in five categories: apparel, footwear & accessories, home, fragrances, and hospitality. For nearly 60 years, Ralph Lauren has sought to inspire the dream of a better life through authenticity and timeless style. Its reputation and distinctive image have been developed across a wide range of products, brands, distribution channels and international markets. The Company's brand names — which include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Double RL, Polo Ralph Lauren, Lauren Ralph Lauren, Polo Ralph Lauren Children and Chaps, among others — constitute one of the world's most widely recognized families of consumer brands. For more information, visit This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding our current expectations about the Company's future operating results and financial condition, the implementation and results of our strategic plans and initiatives, store openings and closings, capital expenses, our plans regarding our quarterly cash dividend and Class A common stock repurchase programs, and our ability to meet citizenship and sustainability goals. Forward-looking statements are based on current expectations and are indicated by words or phrases such as "aim," "anticipate," "outlook," "estimate," "ensure," "commit," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed in or implied by such forward-looking statements. The factors that could cause actual results to materially differ include, among others: the loss of key personnel, including Mr. Ralph Lauren, or other changes in our executive and senior management team or to our operating structure, including any potential changes resulting from the execution of our long-term growth strategy, and our ability to effectively transfer knowledge and maintain adequate controls and procedures during periods of transition; 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 announced by the U.S. and any responding retaliatory actions 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 potential impact to our business resulting from inflationary pressures, including increases in the costs of raw materials, transportation, wages, healthcare, and other benefit-related costs; 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 Russia-Ukraine and Israel-Hamas wars, other recent hostilities in the Middle East, including between Israel and Iran, and militant attacks on cargo vessels in the Red Sea, civil and political unrest, diplomatic tensions between the U.S. and other 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 recession or changes in consumers' ability, willingness, or preferences to purchase discretionary items and luxury retail products, which tends to decline during recessionary periods, 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 costs resulting from port strikes, the recent Red Sea crisis, and/or disruptions to major waterways such as the Suez and Panama canals; changes in our tax obligations and effective tax rate due to a variety of factors, including potential changes in U.S. or foreign tax laws and regulations, accounting rules, or the mix and level of earnings by jurisdiction in future periods that are not currently known or anticipated; our ability to effectively manage inventory levels and the increasing pressure on our margins in a highly promotional retail environment; our exposure to currency exchange rate fluctuations from both a transactional and translational perspective; our efforts to successfully enhance, upgrade, and/or transition our global information technology systems and digital commerce platforms; our ability and the ability of our third-party service providers to secure our respective facilities and systems from, among other things, cybersecurity breaches, acts of vandalism, computer viruses, ransomware, or similar Internet or email events; our ability to recruit and retain qualified employees to operate our retail stores, distribution centers, and various corporate functions; our ability to successfully implement our long-term growth strategy; our ability to continue to expand and grow our business internationally and the impact of related changes in our customer, channel, and geographic sales mix as a result, as well as our ability to accelerate growth in certain product categories; our ability to open new retail stores and concession shops, as well as enhance and expand our digital footprint and capabilities, all in an effort to expand our direct-to-consumer presence; our ability to respond to constantly changing fashion and retail trends and consumer demands in a timely manner, develop products that resonate with our existing customers and attract new customers, and execute marketing and advertising programs that appeal to consumers; our ability to competitively price our products and create an acceptable value proposition for consumers; our ability to continue to maintain our brand image and reputation and protect our trademarks; our ability to achieve our goals regarding citizenship and sustainability practices, including those related to climate change, our human capital, and our supply chain, or if our stakeholders disagree with such goals; the potential impact to our business if any of our distribution centers were to become inoperable or inaccessible; 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; the potential impact on our operations and on our suppliers and customers resulting from man-made or natural disasters, including pandemic diseases, severe weather, geological events, and other catastrophic events, such as terrorist attacks, military conflicts, and other hostilities; our ability to achieve anticipated operating enhancements and cost reductions from our restructuring plans, as well as the impact to our business resulting from restructuring-related charges, which may be dilutive to our earnings in the short term; the impact to our business resulting from potential costs and obligations related to the early or temporary closure of our stores or termination of our long-term, non-cancellable leases; our ability to maintain adequate levels of liquidity to provide for our cash needs, including our debt obligations, tax obligations, capital expenditures, and potential payment of dividends and repurchases of our Class A common stock, as well as the ability of our customers, suppliers, vendors, and lenders to access sources of liquidity to provide for their own cash needs; the potential impact to our business resulting from the financial difficulties of certain of our large wholesale customers, which may result in consolidations, liquidations, restructurings, and other ownership changes in the retail industry, as well as other changes in the competitive marketplace, including the introduction of new products or pricing changes by our competitors; our ability to access capital markets and maintain compliance with covenants associated with our existing debt instruments; a variety of legal, regulatory, tax, political, and economic risks, including risks related to the importation, exportation, and traceability and transparency of products which our operations are currently subject to, or may become subject to as a result of potential changes in legislation, and other risks associated with our international operations, such as compliance with the Foreign Corrupt Practices Act or violations of other anti-bribery and corruption laws prohibiting improper payments, and the burdens of complying with a variety of foreign laws and regulations, including tax laws, trade and labor restrictions, and related laws that may reduce the flexibility of our business; the potential impact to the trading prices of our securities if our operating results, Class A common stock share repurchase activity, and/or cash dividend payments differ from investors' expectations; our ability to maintain our credit profile and ratings within the financial community; our intention to introduce new products or brands, or enter into or renew alliances; changes in the business of, and our relationships with, major wholesale customers and licensing partners; our ability to make strategic acquisitions and successfully integrate the acquired businesses into our existing operations; and other risk factors identified in the Company's Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. (Unaudited) June 28, 2025 March 29, 2025 June 29, 2024 (millions) ASSETS Current assets: Cash and cash equivalents $ 2,090.2 $ 1,922.5 $ 1,586.9 Short-term investments 186.6 160.5 173.6 Accounts receivable, net of allowances 396.6 459.5 371.8 Inventories 1,222.2 949.6 1,039.1 Income tax receivable 55.8 55.4 50.6 Prepaid expenses and other current assets 247.1 242.4 225.9 Total current assets 4,198.5 3,789.9 3,447.9 Property and equipment, net 1,013.5 846.4 826.0 Operating lease right-of-use assets 1,092.0 1,013.1 1,019.3 Deferred tax assets 365.9 335.4 266.6 Goodwill 914.2 888.5 882.6 Intangible assets, net 59.6 62.8 72.5 Other non-current assets 108.0 111.2 126.1 Total assets $ 7,751.7 $ 7,047.3 $ 6,641.0 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 399.8 $ 399.7 $ — Accounts payable 609.1 436.0 477.8 Current income tax payable 147.6 146.5 58.3 Current operating lease liabilities 241.5 225.4 236.0 Accrued expenses and other current liabilities 887.8 926.1 801.5 Total current liabilities 2,285.8 2,133.7 1,573.6 Long-term debt 1,237.2 742.9 1,141.1 Long-term finance lease liabilities 230.4 234.8 249.9 Long-term operating lease liabilities 1,109.7 1,044.7 1,036.1 Non-current income tax payable — — 42.2 Non-current liability for unrecognized tax benefits 217.3 193.3 123.3 Other non-current liabilities 156.0 109.4 107.8 Total liabilities 5,236.4 4,458.8 4,274.0 Equity: Common stock 1.3 1.3 1.3 Additional paid-in-capital 3,054.1 3,031.7 2,948.1 Retained earnings 7,755.2 7,590.1 7,168.7 Treasury stock, Class A, at cost (8,059.8 ) (7,734.7 ) (7,453.0 ) Accumulated other comprehensive loss (235.5 ) (299.9 ) (298.1 ) Total equity 2,515.3 2,588.5 2,367.0 Total liabilities and equity $ 7,751.7 $ 7,047.3 $ 6,641.0 Net Cash & Short-term Investments (a) $ 639.8 $ 940.4 $ 619.4 Cash & Short-term Investments 2,276.8 2,083.0 1,760.5 ____________________ (a) Calculated as cash and cash equivalents, plus short-term investments, less total debt. RALPH LAUREN CORPORATION Prepared in accordance with U.S. Generally Accepted Accounting Principles (Unaudited) Three Months Ended June 28, 2025 June 29, 2024 (millions, except per share data) Net revenues $ 1,719.1 $ 1,512.2 Cost of goods sold (476.8 ) (446.4 ) Gross profit 1,242.3 1,065.8 Selling, general, and administrative expenses (949.4 ) (849.9 ) Restructuring and other charges, net (19.3 ) (7.4 ) Total other operating expenses, net (968.7 ) (857.3 ) Operating income 273.6 208.5 Interest expense (11.5 ) (10.9 ) Interest income 14.8 20.1 Other income (expense), net 1.1 (1.1 ) Income before income taxes 278.0 216.6 Income tax provision (57.6 ) (48.0 ) Net income $ 220.4 $ 168.6 Net income per common share: Basic $ 3.62 $ 2.67 Diluted $ 3.52 $ 2.61 Weighted-average common shares outstanding: Basic 61.0 63.2 Diluted 62.5 64.6 Dividends declared per share $ 0.9125 $ 0.825 RALPH LAUREN CORPORATION Prepared in accordance with U.S. Generally Accepted Accounting Principles (Unaudited) Three Months Ended June 28, 2025 June 29, 2024 (millions) Cash flows from operating activities: Net income $ 220.4 $ 168.6 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 55.5 54.4 Deferred income tax expense (benefit) (5.8 ) 12.3 Stock-based compensation expense 22.4 24.3 Bad debt expense 2.7 0.8 Other non-cash charges (benefits) (1.8 ) 0.6 Changes in operating assets and liabilities: Accounts receivable 79.1 70.3 Inventories (234.8 ) (145.5 ) Prepaid expenses and other current assets 1.4 (58.1 ) Accounts payable and accrued liabilities 85.8 145.6 Income tax receivables and payables (1.7 ) (0.5 ) Operating lease right-of-use assets and liabilities, net (1.1 ) 8.0 Other balance sheet changes (46.0 ) (3.5 ) Net cash provided by operating activities 176.1 277.3 Cash flows from investing activities: Capital expenditures (187.3 ) (33.4 ) Purchases of investments (171.1 ) (174.3 ) Proceeds from sales and maturities of investments 154.1 119.1 Other investing activities 6.0 1.0 Net cash used in investing activities (198.3 ) (87.6 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 498.2 — Payments of finance lease obligations (6.0 ) (4.9 ) Payments of dividends (50.7 ) (47.5 ) Repurchases of common stock, including shares surrendered for tax withholdings (323.3 ) (201.2 ) Other financing activities (4.1 ) — Net cash provided by (used in) financing activities 114.1 (253.6 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 76.1 (13.1 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 168.0 (77.0 ) Cash, cash equivalents, and restricted cash at beginning of period 1,929.4 1,670.6 (Unaudited) Three Months Ended June 28, 2025 June 29, 2024 (millions) Net revenues: North America $ 656.2 $ 608.2 Europe 554.5 479.1 Asia 474.0 390.9 Other non-reportable segments 34.4 34.0 Total net revenues $ 1,719.1 $ 1,512.2 Operating income: North America $ 135.5 $ 119.8 Europe 146.2 120.6 Asia 145.4 107.2 Other non-reportable segments 30.6 29.6 Total segment operating income 457.7 377.2 Corporate expenses (164.8 ) (161.3 ) Restructuring and other charges, net (19.3 ) (7.4 ) Total operating income $ 273.6 $ 208.5 RALPH LAUREN CORPORATION (Unaudited) Comparable Store Sales Data Three Months Ended June 28, 2025 % Change Constant Currency North America: Digital commerce 19 % Brick and mortar 10 % Total North America 12 % Europe: Digital commerce 11 % Brick and mortar 10 % Total Europe 10 % Asia: Digital commerce 35 % Brick and mortar 16 % Total Asia 18 % Total Ralph Lauren Corporation 13 % Operating Segment Net Revenues Data Three Months Ended % Change (millions) North America $ 656.2 $ 608.2 7.9 % 7.9 % Europe 554.5 479.1 15.7 % 10.3 % Asia 474.0 390.9 21.2 % 18.9 % Other non-reportable segments 34.4 34.0 1.1 % 1.1 % Net revenues $ 1,719.1 $ 1,512.2 13.7 % 11.4 % RALPH LAUREN CORPORATION NET REVENUES BY SALES CHANNEL (Unaudited) Three Months Ended June 28, 2025 June 29, 2024 (millions) Sales Channel: Retail $ 461.0 $ 285.8 $ 454.4 $ — $ 1,201.2 $ 416.7 $ 245.1 $ 370.8 $ — $ 1,032.6 Wholesale 195.2 268.7 19.6 — 483.5 191.5 234.0 20.1 — 445.6 Licensing — — — 34.4 34.4 — — — 34.0 34.0 RALPH LAUREN CORPORATION (Unaudited) June 28, 2025 June 29, 2024 North America Ralph Lauren Stores 53 50 Outlet Stores 172 178 Total Directly Operated Stores 225 228 Concessions — 1 Europe Ralph Lauren Stores 49 44 Outlet Stores 57 59 Total Directly Operated Stores 106 103 Concessions 30 27 Asia Ralph Lauren Stores 157 141 Outlet Stores 81 93 Total Directly Operated Stores 238 234 Concessions 635 669 Global Directly Operated Stores and Concessions Ralph Lauren Stores 259 235 Outlet Stores 310 330 Total Directly Operated Stores 569 565 Concessions 665 697 Global Licensed Partner Stores Total Licensed Partner Stores 120 101 (Unaudited) June 28, 2025 Three Months Ended (millions) Net revenues by segment: North America $ 656.2 $ — $ 656.2 Europe 554.5 (26.0 ) 528.5 Asia 474.0 (9.0 ) 465.0 Other non-reportable segments 34.4 — 34.4 Total net revenues $ 1,719.1 $ (35.0 ) $ 1,684.1 Three Months Ended June 28, 2025 June 29, 2024 (millions) Gross profit: As reported $ 1,242.3 $ 1,065.8 Foreign currency impact (28.8 ) As reported in constant currency $ 1,213.5 Gross profit margin 72.3 % 70.5 % Gross profit margin in constant currency 72.1 % RALPH LAUREN CORPORATION RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (Continued) (Unaudited) Three Months Ended June 28, 2025 June 29, 2024 (millions) Total other operating expenses, net: As reported $ (968.7 ) $ (857.3 ) Adjustments: Next Generation Transformation project charges (1) 11.0 2.3 Restructuring plan charges, net (2) 6.4 3.3 Cease-use rent and occupancy expenses (3) 2.5 2.8 Club Monaco sale consideration from Regent, L.P. (4) (0.6 ) (1.0 ) Total other operating expenses, net adjustments 19.3 7.4 As adjusted in reported currency (949.4 ) (849.9 ) Foreign currency impact 15.3 As adjusted in constant currency $ (934.1 ) Operating expense margin 56.4 % 56.7 % Adjusted operating expense margin in reported currency 55.2 % 56.2 % Adjusted operating expense margin in constant currency 55.5 % Three Months Ended June 28, 2025 June 29, 2024 (millions) Operating income: As reported $ 273.6 $ 208.5 Adjustments: Total other operating expense, net adjustments (per above) 19.3 7.4 Operating income adjustments 19.3 7.4 As adjusted in reported currency 292.9 215.9 Foreign currency impact (13.5 ) As adjusted in constant currency $ 279.4 Operating margin 15.9 % 13.8 % Adjusted operating margin in reported currency 17.0 % 14.3 % Adjusted operating margin in constant currency 16.6 % RALPH LAUREN CORPORATION (Unaudited) Three Months Ended June 28, 2025 June 29, 2024 (millions) Income tax provision: As reported $ (57.6 ) $ (48.0 ) Adjustments: Tax effects of operating income adjustments (5) (3.9 ) (1.4 ) Income tax provision adjustments (3.9 ) (1.4 ) As adjusted $ (61.5 ) $ (49.4 ) Effective tax rate 20.7 % 22.1 % Adjusted effective tax rate 20.7 % 22.1 % Three Months Ended June 28, 2025 June 29, 2024 (millions) Net income: As reported $ 220.4 $ 168.6 Adjustments: Operating income adjustments (per above) 19.3 7.4 Income tax provision adjustments (per above) (3.9 ) (1.4 ) Net income adjustments 15.4 6.0 As adjusted $ 235.8 $ 174.6 Three Months Ended June 28, 2025 June 29, 2024 Net income per diluted common share: Weighted-average diluted shares outstanding (millions) 62.5 64.6 As reported $ 3.52 $ 2.61 Adjustments: Net income adjustments per diluted common share (6) 0.25 0.09 As adjusted $ 3.77 $ 2.70 RALPH LAUREN CORPORATION FOOTNOTES TO RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (1) Next Generation Transformation project charges relate to certain costs incurred during the preliminary phase of the Company's large-scale, multi-year global project that is expected to significantly transform the way in which the Company operates its business and further enable its long-term strategic pivot towards a global direct-to-consumer-oriented model. (2) Restructuring plan charges, net relate to the Company's restructuring activities, primarily associated with severance and benefit costs. (3) Cease-use rent and occupancy expenses relate to rent and occupancy costs associated with certain previously exited real estate locations in connection with the Company's past restructuring activities for which the related lease agreements have not yet expired. (4) Benefits relate to consideration received from Regent, L.P. in connection with the Company's previously sold Club Monaco business. The Company's Club Monaco business was sold to Regent, L.P. during the first quarter of Fiscal 2022 in connection with the Company's Fiscal 2021 Strategic Realignment Plan. (5) Represents tax-related effects of the previously described adjustments to operating income, which were calculated using the respective statutory tax rates for each applicable jurisdiction. (6) Net income adjustments per diluted common share were calculated by dividing total net income adjustments by the weighted-average diluted shares outstanding during the period. Per share amounts have been calculated using unrounded numbers. NON-U.S. GAAP FINANCIAL MEASURES Because Ralph Lauren Corporation is a global company, the comparability of its operating results reported in U.S. Dollars is affected by foreign currency exchange rate fluctuations because the underlying currencies in which it transacts change in value over time compared to the U.S. Dollar. Such fluctuations can have a significant effect on the Company's reported results. As such, in addition to financial measures prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"), the Company's discussions often contain references to constant currency measures, which are calculated by translating current-year and prior-year reported amounts into comparable amounts using a single foreign exchange rate for each currency. The Company presents constant currency financial information, which is a non-U.S. GAAP financial measure, as a supplement to its reported operating results. The Company uses constant currency information to provide a framework for assessing how its businesses performed excluding the effects of foreign currency exchange rate fluctuations. Management believes this information is useful to investors for facilitating comparisons of operating results and better identifying trends in the Company's businesses. The constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, the Company's operating performance measures calculated in accordance with U.S. GAAP. This earnings release also includes certain other non-U.S. GAAP financial measures relating to the impact of charges and other items as described herein. The Company uses non-U.S. GAAP financial measures, among other things, to evaluate its operating performance and to better represent the manner in which it conducts and views its business. The Company believes that excluding items that are not comparable from period to period helps investors and others compare operating performance between two periods. While the Company considers non-U.S. GAAP measures useful in analyzing its results, they are not intended to replace, nor act as a substitute for, any presentation included in the consolidated financial statements prepared in conformity with U.S. GAAP, and may be different from non-U.S. GAAP measures reported by other companies. Adjustments made during the fiscal periods presented include charges recorded in connection with the Company's restructuring activities, as well as certain other charges (benefits) associated with other non-recurring events, as described in the footnotes to the non-U.S. GAAP financial measures above. The income tax benefit (provision) has been adjusted for the tax-related effects of these charges, which were calculated using the respective statutory tax rates for each applicable jurisdiction. Included in this earnings release are reconciliations between the non-U.S. GAAP financial measures and the most directly comparable U.S. GAAP measures before and after these adjustments. Additionally, the Company's full year Fiscal 2026 and second quarter guidance excludes any potential restructuring-related and other charges that may be incurred in future periods. The Company is not able to provide a full reconciliation of these non-U.S. GAAP financial measures to U.S. GAAP as it is not known at this time if and when any such charges may be incurred in the future. Accordingly, a reconciliation of the Company's non-U.S. GAAP based financial measure guidance to the most directly comparable U.S. GAAP measures cannot be provided at this time given the uncertain nature of any such potential charges that may be incurred in future periods.


Globe and Mail
01-08-2025
- Globe and Mail
Hunan TV Show Singer 2025 Draws Performers from lots of Countries
Hunan TV's Mango TV program Singer 2025 is redefining global cultural exchange, using music as a bridge across borders. The show has received back-to-back endorsements from UNESCO and has been highlighted in 15 social media posts by official organizations—including agencies under China's Ministry of Foreign Affairs, the embassies of Brazil and Malaysia in China, and Tourism Malaysia. As of now, Singer 2025 has achieved more than 85 billion digital impressions. This year, UNESCO also featured Shan Yichun's adaptation of the song 'Li Bai' in its World Oceans Day campaign, calling for global attention to marine conservation. The show's growing international attention highlights its extraordinary cultural influence, with diverse music, vibrant stagecraft, and heartfelt performances resonating with audiences worldwide. One of the program's defining strengths lies in its ability to inspire international artists to engage with Chinese culture on a deep level. American singer Mickey Guyton seamlessly wove Chinese lyrics into her performance, expressing her affection for the country. Fellow American Grace Kinstler delivered two moving performances entirely in Chinese, reflecting both the emotional appeal of Mandarin pop and her sincere appreciation for the culture. And Japanese singer BENI was particularly touched by the heartfelt enthusiasm of Chinese audiences. Offstage, other international performers—including American singers Charlie Puth and Jordan Smith, and Canadian singer Michael Bublé—immersed themselves in traditional Chinese culture. From practicing calligraphy and appreciating the ink paintings of master artist Qi Baishi to experiencing Dragon Boat Festival traditions, traditional Chinese medicine, historic academies' vibes and regional cuisine, they gained firsthand insight into the richness of China's cultural heritage. Singer 2025 continues to connect the world through music, offering a stage for diverse voices to be heard and heartfelt stories to be shared. The show looks forward to welcoming more artists from around the globe to become part of a shared cultural dialogue. Media Contact Company Name: Hunan TV Contact Person: Jason He Email: Send Email Country: China Website: