Ralph Lauren is cutting 8% of its workforce as part of its ‘way forward plan’

Ralph Lauren Stores

Ralph Lauren is launching a “way forward plan” that will include cutting 8% of the company’s global workforce.

The company also plans to close stores and shift its focus to its core brands.

The company will cut 8% of its workforce in the current fiscal year. As of April, it employed about 26,000 people around the world, 11,000 of whom are part-time workers.

The new cuts are in addition to the 5% workforce reduction that the company already implemented in its last fiscal year.

Ralph Lauren, said on a webcast with investors Tuesday that he backs new CEO Stefan Larsson’s plan.

“I’m trusting my baby with him, and my baby has to grow up,” Lauren said.

Larsson said the company plans to close about 50 stores “that don’t [strengthen] the brand.” The company currently has 493 stores, including 216 in the U.S.

The “fast fashion” industry has taken over in recent years and Ralph Lauren has struggled to maintain sales in the evolving fashion industry.

The company’s latest quarterly earnings beat Wall Street’s expectations but showed a clear slowdown in sales.

Ralph Lauren’s stock lost nearly 40% last year, and it’s down another 20% so far in 2016.

In September, the company’s 76-year-old founder handed over control to Larsson .

Ralph Lauren said its “Way Forward” restructuring will cost $400 million, including $95 million in “severance and benefit costs” and $205 million in “lease termination and store closure costs.”

The company hopes to save between $180 million and $220 million per year.