Ralph Lauren Corporation and Parity.org Convene Fashion Industry Group to Take Action to Close the Gender Gap
Ralph Lauren Corporation (NYSE:RL) has partnered with Parity.org and other fashion leaders to launch a roadmap aimed at achieving gender parity in the fashion industry. The initiative, titled 'Unlocking Gender Parity in Fashion,' outlines five key areas for companies to focus on, including executive recruitment, equal pay, and benefits that promote work-life balance. This collaborative effort seeks to address the gender gap at all organizational levels, with an emphasis on measurable progress.
- Achieved 2023 gender parity goal for women in leadership positions three years ahead of schedule, with 50% representation at VP level and above.
- Partnership with Parity.org and industry leaders demonstrates commitment to advancing gender equality.
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NEW YORK--(BUSINESS WIRE)--Ralph Lauren Corporation (NYSE:RL), a global leader in the design, marketing and distribution of premium lifestyle products, and Parity.org, a non-profit organization focused on bringing gender parity to the highest levels of business, along with PVH Corp., Lacoste, Tiffany & Co. and Movado Group Inc., today unveiled a new roadmap for the fashion industry to make measurable progress in achieving gender parity. The roadmap is outlined in a paper titled, “Unlocking Gender Parity in Fashion,” which offers industry peers step-by-step methods to help achieve gender parity and pay equality at all levels of their organizations.
“Across the industry, we recognize that we need to make discernible progress on diversity, equality and inclusion. By coming together to develop a consistent method and approach to achieving gender parity and greater diversity, we can move further, faster,” said Roseann Lynch, Chief People Officer, Ralph Lauren. “This roadmap represents a significant milestone for our industry, and we look forward to continuing to engage in meaningful dialogue with our peers as it is embraced and implemented across companies.”
In 2019, Ralph Lauren and Parity.org brought leading fashion houses and retail organizations together for an open discussion about barriers to gender parity, the industry’s approach to change and the steps required to collectively close the gender gap. The roadmap, which adapted The Parity Model™ developed by Parity.org, is the result of these reflections and roundtable dialogues. It is divided into five areas and designed to help companies of all sizes, regardless of budget or resources, to align with a consistent approach for delivering representation, equality and inclusion:
- Making a visible commitment as the first step to close the gender gap and keep it closed;
- Executive recruitment strategy as the key to hiring qualified and diverse women at equal levels, positions and pay;
- Executive preparedness to help companies ensure high-potential women are ready for leadership;
- Benefits and policies to improve work-life balance and make it possible for women to do their best work; and
- Equal pay as an essential part of reaching and sustaining gender parity.
“We are excited to partner with the fashion industry, which inspires and employs so many women overall but is lacking meaningful representation at the top,” said Cathrin Stickney, Parity.org Founder and CEO. “The companies that joined us are leaders in recognizing the need to address this proactively as an industry, and I know that, together with this roadmap, they will bring the kind of progress that their employees need and consumers increasingly expect.”
The fashion industry has some distance to travel to achieve gender parity. The roadmap offers practical solutions to accelerate progress toward this goal. By focusing on best practices in recruitment, executive preparedness, benefits and policies and pay parity, companies can achieve equality and deliver the diversity that is proven to help businesses thrive.
The paper, “Unlocking Gender Parity in Fashion” is available at Parity.org/fashion.
ABOUT RALPH LAUREN CORPORATION
Ralph Lauren Corporation (NYSE:RL) is a global leader in the design, marketing and distribution of premium lifestyle products in five categories: apparel, footwear & accessories, home, fragrances and hospitality. For more than 50 years, Ralph Lauren’s reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. The Company’s brand names, which include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children, Chaps and Club Monaco, among others, constitute one of the world’s most widely recognized families of consumer brands. For more information, go to https://corporate.ralphlauren.com.
ABOUT PARITY.ORG
Parity.org is a 501(c)(3) not-for-profit profit organization dedicated to gender parity at the highest ranks of business leadership. Parity.org is assembling a founding advisory board of some of the most recognized men and women leaders in business. You can follow Parity.org on Facebook, LinkedIn and Twitter.
ABOUT RALPH LAUREN'S COMMITMENT TO EQUALITY FOR WOMEN AND PEOPLE OF COLOR
Ralph Lauren is proud to be a founding member of Parity.org. The Company is continuously striving to increase opportunities for women across our organization and within our communities. In FY20, the Company reached a significant milestone, achieving its 2023 gender parity goal for equal representation in leadership positions at the VP level and above three years ahead of schedule. Women held 50 percent of VP level and above positions at the Company. Moving forward, the Company will continue to uphold our Parity.org commitment to include women and diverse candidates in the interview process for all open VP level and above roles. Additionally, Ralph Lauren recently became a founding member of Parity.org's ParityPledge In Support of People of Color – which underscores the Company’s commitment to elevate Black and African American talent in our leadership ranks, by interviewing at least on Black or African American candidate and at least one candidate from another underrepresented group for every open leadership role, VP and higher, including the C-suite and the Board of Directors.
