(Reuters) – Ralph Lauren Corp has appointed former Coach Inc executive Jane Nielsen as chief financial offer, two days after announcing a sweeping plan to lower costs and revive sales growth at the luxury fashion brand. Nielsen will replace Robert Madore, who has been the CFO since April 2015, Ralph Lauren said on Thursday. Ralph Lauren, which owns the Polo and Lauren brands, said on Tuesday it was cutting about 1,000 jobs and closing 50 stores.

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Ralph Lauren hires CFO from rival luxury retailer Coach Inc