Shares of Ralph Lauren, which also forecast declines in full-year and first-quarter revenue, fell as much as 10.4 percent to $86.32 in early trading on Tuesday. Ralph Lauren, like some other luxury brands, has been struggling amid sluggish spending on luxury apparel and accessories. Ralph Lauren said on Tuesday it would try to reduce the time taken to get new products to shelves to nine months from 15.

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Ralph Lauren to cut about 1,000 jobs and shut shops