Ralph Lauren Tames The Discount Beast

Who says a middle-aged fashion brand can’t be a cool kid again?

Ralph Lauren on Tuesday reported holiday quarter results that suggest it is making enormous progress in reining in the promotional discount culture that had seriously damaged its brand. There are also signs it’s winning favor with the younger shoppers the elude so many well-established players in the fashion wars.

The 51-year-old brand, long known for its mix of upscale, often stodgy clothes and inexpensive basics, saw...

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