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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-K\n\n(Mark One)\n\n☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n     For the fiscal year ended March 28, 2026\n\nor\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission File Number: 001-13057\n\nRALPH LAUREN CORPORATION\n\n(Exact name of registrant as specified in its charter)\n\nDelaware13-2622036\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n650 Madison Avenue,New York,New York10022\n\n(Address of principal executive offices)(Zip Code)\n\n(212) 318-7000\n\n(Registrant's telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each ClassTrading Symbol(s)Name of Each Exchange on which Registered\n\nClass A Common Stock, $.01 par valueRLNew York Stock Exchange\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes ☑ No ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.     Yes ☐ No ☑\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                     Yes ☑ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                                  Yes ☑ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n☑Accelerated filer☐\n\nNon-accelerated filer\n☐Smaller reporting company☐\n\nEmerging growth company☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                  ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.                  ☑\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).          Yes ☐ No ☑\n\nThe aggregate market value of the registrant's voting common stock held by non-affiliates of the registrant was approximately $11.943 billion as of September 26, 2025, the last business day of the registrant's most recently completed second fiscal quarter based on the closing price of the common stock on the New York Stock Exchange.\n\nAt May 15, 2026, 37,635,070 shares of the registrant's Class A common stock, $.01 par value and 21,881,276 shares of the registrant's Class B common stock, $.01 par value were outstanding.\n\nPart III incorporates by reference information from certain portions of the registrant's definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended March 28, 2026.\n\nRALPH LAUREN CORPORATION\n\nTABLE OF CONTENTS\n\n \n\n Page\n\nPART I\n\n[Item 1.](#i9605aec452904d17a70c83c7dfcc2d5f_16)\n\n[Business](#i9605aec452904d17a70c83c7dfcc2d5f_16)\n\n[3](#i9605aec452904d17a70c83c7dfcc2d5f_16)\n\n[Item 1A.](#i9605aec452904d17a70c83c7dfcc2d5f_85)\n\n[Risk Factors](#i9605aec452904d17a70c83c7dfcc2d5f_85)\n\n[24](#i9605aec452904d17a70c83c7dfcc2d5f_85)\n\n[Item 1B.](#i9605aec452904d17a70c83c7dfcc2d5f_88)\n\n[Unresolved Staff Comments](#i9605aec452904d17a70c83c7dfcc2d5f_88)\n\n[39](#i9605aec452904d17a70c83c7dfcc2d5f_88)\n\n[Item 1C.](#i9605aec452904d17a70c83c7dfcc2d5f_91)\n\n[Cybersecurity](#i9605aec452904d17a70c83c7dfcc2d5f_91)\n\n[39](#i9605aec452904d17a70c83c7dfcc2d5f_91)\n\n[Item 2.](#i9605aec452904d17a70c83c7dfcc2d5f_94)\n\n[Properties](#i9605aec452904d17a70c83c7dfcc2d5f_94)\n\n[41](#i9605aec452904d17a70c83c7dfcc2d5f_94)\n\n[Item 3.](#i9605aec452904d17a70c83c7dfcc2d5f_97)\n\n[Legal Proceedings](#i9605aec452904d17a70c83c7dfcc2d5f_97)\n\n[42](#i9605aec452904d17a70c83c7dfcc2d5f_97)\n\n[Item 4.](#i9605aec452904d17a70c83c7dfcc2d5f_100)\n\n[Mine Safety Disclosure](#i9605aec452904d17a70c83c7dfcc2d5f_100)\n\n[42](#i9605aec452904d17a70c83c7dfcc2d5f_100)\n\nPART II\n\n[Item 5.](#i9605aec452904d17a70c83c7dfcc2d5f_106)\n\n[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i9605aec452904d17a70c83c7dfcc2d5f_106)\n\n[42](#i9605aec452904d17a70c83c7dfcc2d5f_106)\n\n[Item 6.](#i9605aec452904d17a70c83c7dfcc2d5f_109)\n\n[Reserved](#i9605aec452904d17a70c83c7dfcc2d5f_109)\n\n[43](#i9605aec452904d17a70c83c7dfcc2d5f_109)\n\n[Item 7.](#i9605aec452904d17a70c83c7dfcc2d5f_112)\n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i9605aec452904d17a70c83c7dfcc2d5f_112)\n\n[44](#i9605aec452904d17a70c83c7dfcc2d5f_112)\n\n[Item 7A.](#i9605aec452904d17a70c83c7dfcc2d5f_136)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i9605aec452904d17a70c83c7dfcc2d5f_136)\n\n[65](#i9605aec452904d17a70c83c7dfcc2d5f_136)\n\n[Item 8.](#i9605aec452904d17a70c83c7dfcc2d5f_139)\n\n[Financial Statements and Supplementary Data](#i9605aec452904d17a70c83c7dfcc2d5f_139)\n\n[65](#i9605aec452904d17a70c83c7dfcc2d5f_139)\n\n[Item 9.](#i9605aec452904d17a70c83c7dfcc2d5f_142)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i9605aec452904d17a70c83c7dfcc2d5f_142)\n\n[65](#i9605aec452904d17a70c83c7dfcc2d5f_142)\n\n[Item 9A.](#i9605aec452904d17a70c83c7dfcc2d5f_145)\n\n[Controls and Procedures](#i9605aec452904d17a70c83c7dfcc2d5f_145)\n\n[66](#i9605aec452904d17a70c83c7dfcc2d5f_145)\n\n[Item 9B.](#i9605aec452904d17a70c83c7dfcc2d5f_148)\n\n[Other Information](#i9605aec452904d17a70c83c7dfcc2d5f_148)\n\n[66](#i9605aec452904d17a70c83c7dfcc2d5f_148)\n\n[Item 9C.](#i9605aec452904d17a70c83c7dfcc2d5f_151)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i9605aec452904d17a70c83c7dfcc2d5f_151)\n\n[67](#i9605aec452904d17a70c83c7dfcc2d5f_151)\n\nPART III\n\n[Item 10.](#i9605aec452904d17a70c83c7dfcc2d5f_157)\n\n[Directors, Executive Officers and Corporate Governance](#i9605aec452904d17a70c83c7dfcc2d5f_157)\n\n[67](#i9605aec452904d17a70c83c7dfcc2d5f_157)\n\n[Item 11.](#i9605aec452904d17a70c83c7dfcc2d5f_160)\n\n[Executive Compensation](#i9605aec452904d17a70c83c7dfcc2d5f_160)\n\n[67](#i9605aec452904d17a70c83c7dfcc2d5f_160)\n\n[Item 12.](#i9605aec452904d17a70c83c7dfcc2d5f_163)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i9605aec452904d17a70c83c7dfcc2d5f_163)\n\n[67](#i9605aec452904d17a70c83c7dfcc2d5f_163)\n\n[Item 13.](#i9605aec452904d17a70c83c7dfcc2d5f_166)\n\n[Certain Relationships and Related Transactions, and Director Independence](#i9605aec452904d17a70c83c7dfcc2d5f_166)\n\n[68](#i9605aec452904d17a70c83c7dfcc2d5f_166)\n\n[Item 14.](#i9605aec452904d17a70c83c7dfcc2d5f_169)\n\n[Principal Accountant Fees and Services](#i9605aec452904d17a70c83c7dfcc2d5f_169)\n\n[68](#i9605aec452904d17a70c83c7dfcc2d5f_169)\n\nPART IV\n\n[Item 15.](#i9605aec452904d17a70c83c7dfcc2d5f_175)\n\n[Exhibits and Financial Statement Schedules](#i9605aec452904d17a70c83c7dfcc2d5f_175)\n\n[68](#i9605aec452904d17a70c83c7dfcc2d5f_175)\n\n[Item 16.](#i9605aec452904d17a70c83c7dfcc2d5f_178)\n\n[Form 10-K Summary](#i9605aec452904d17a70c83c7dfcc2d5f_178)\n\n[70](#i9605aec452904d17a70c83c7dfcc2d5f_178)\n\n[Signatures](#i9605aec452904d17a70c83c7dfcc2d5f_181)\n\n[71](#i9605aec452904d17a70c83c7dfcc2d5f_181)\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nVarious statements in this Form 10-K or incorporated by reference into this Form 10-K, in future filings by us with the Securities and Exchange Commission (the \"SEC\"), in our press releases, and in oral statements made from time to time by representatives of the Company, may contain certain \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding our current expectations about the Company's future operating results and financial condition, the implementation and results of our strategic plans and initiatives, store openings and closings, capital expenses, our plans regarding our quarterly cash dividend and Class A common stock repurchase programs, and our ability to meet citizenship and sustainability goals. Forward-looking statements are based on current expectations and are indicated by words or phrases such as \"aim,\" \"anticipate,\" \"outlook,\" \"estimate,\" \"ensure,\" \"commit,\" \"expect,\" \"project,\" \"believe,\" \"envision,\" \"goal,\" \"target,\" \"can,\" \"will,\" and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed in or implied by such forward-looking statements. These risks, uncertainties, and other factors include, among others:\n\n•the loss of key personnel, including Mr. Ralph Lauren, or other changes in our executive and senior management team or to our operating structure, including any potential changes resulting from the execution of our long-term growth strategy, and our ability to effectively transfer knowledge and maintain adequate controls and procedures during periods of transition;\n\n•the impact to our business resulting from the potential imposition of additional tariffs, duties, or taxes, changes to existing trade agreements, and other charges or barriers to trade, including those recently imposed by the U.S. following the U.S. Supreme Court ruling against the tariffs previously announced under the authority of the International Emergency Economic Powers Act (\"IEEPA\") and resulting potential refund status of the IEEPA tariffs, any retaliatory measures implemented by impacted countries, and any related impact to global stock markets, foreign currency exchange rates, and existing inflationary pressures, as well as our ability to implement mitigating sourcing strategies;\n\n•the potential impact to our business resulting from inflationary pressures, including increases in the costs of raw materials, transportation, wages, healthcare, and other benefit-related costs;\n\n•the impact of economic, political, and other conditions on us, our customers, suppliers, vendors, and lenders, including potential business disruptions related to ongoing military conflicts taking place in various parts of the world, most notably the conflicts involving Iran and other ongoing hostilities in the Middle East, civil and political unrest, diplomatic tensions between the U.S. and other countries and any resulting anti-American sentiment, high interest rates, and bank failures, among other factors described herein;\n\n•the impact to our business resulting from a prolonged slowdown in economic conditions or changes in consumers' ability, willingness, or preferences to purchase discretionary items and luxury retail products, which tends to decline during periods of economic weakness, and our ability to accurately forecast consumer demand, the failure of which could result in either a build-up or shortage of inventory;\n\n•the potential impact to our business resulting from supply chain disruptions, including those caused by capacity constraints, closed factories and/or labor shortages (stemming from pandemic diseases, labor disputes, strikes, or otherwise), man-made or natural disasters, scarcity of raw materials, port congestion, and scrutiny or detention of goods produced in certain territories resulting from laws, regulations, or trade restrictions, such as those imposed by the Uyghur Forced Labor Prevention Act (\"UFLPA\") or the Countering America's Adversaries Through Sanctions Act (\"CAATSA\"), which could result in shipment approval delays leading to inventory shortages and lost sales, as well as potential shipping delays, inventory shortages, and/or higher freight and other operating costs resulting from port strikes, the recent Red Sea crisis, disruptions to major waterways such as the Suez and Panama canals and the Strait of Hormuz, and/or increases in oil and other energy prices;\n\n•changes in our tax obligations and effective tax rate due to a variety of factors, including potential changes in U.S. or foreign tax laws and regulations, accounting rules, or the mix and level of earnings by jurisdiction in future periods that are not currently known or anticipated;\n\n•our ability to effectively manage inventory levels and the increasing pressure on our margins in a highly promotional retail environment;\n\n•our exposure to currency exchange rate fluctuations from both a transactional and translational perspective;\n\n•our efforts to successfully enhance, upgrade, and/or transition our global information technology systems and digital commerce platforms;\n\n1\n\n•our ability and the ability of our third-party service providers to secure our respective facilities and systems from, among other things, cybersecurity breaches, acts of vandalism, computer viruses, ransomware, or similar Internet or email events;\n\n•the potential impact on our business arising from developments and operational risks related to the implementation of artificial intelligence technologies and associated evolving regulatory requirements;\n\n•our ability to recruit and retain qualified employees to operate our retail stores, distribution centers, and various corporate functions;\n\n•our ability to successfully implement our long-term growth strategy;\n\n•our ability to continue to expand and grow our business internationally and the impact of related changes in our customer, channel, and geographic sales mix as a result, as well as our ability to accelerate growth in certain product categories;\n\n•our ability to open new retail stores and concession shops, as well as enhance and expand our digital footprint and capabilities, all in an effort to expand our direct-to-consumer presence;\n\n•our ability to respond to constantly changing fashion and retail trends and consumer demands in a timely manner, develop products that resonate with our existing customers and attract new customers, and execute marketing and advertising programs that appeal to consumers;\n\n•our ability to competitively price our products and create an acceptable value proposition for consumers;\n\n•our ability to continue to maintain our brand image and reputation and protect our trademarks;\n\n•our ability to achieve our goals regarding citizenship and sustainability practices, including those related to climate change, our human capital, and our supply chain, or if our stakeholders disagree with such goals;\n\n•the potential impact to our business if any of our distribution centers were to become inoperable or inaccessible;\n\n•the potential impact on our operations and on our suppliers and customers resulting from man-made or natural disasters, including pandemic diseases, severe weather, geological events, and other catastrophic events, such as terrorist attacks, military conflicts, and other hostilities;\n\n•our ability to achieve anticipated operating enhancements and cost reductions from our strategic initiatives and restructuring plans, as well as the resulting impact to our business, which may be dilutive to our earnings in the short term;\n\n•the impact to our business resulting from potential costs and obligations related to the early or temporary closure of our stores or termination of our long-term, non-cancellable leases;\n\n•our ability to maintain adequate levels of liquidity to provide for our cash needs, including our debt obligations, tax obligations, capital expenditures, and potential payment of dividends and repurchases of our Class A common stock, as well as the ability of our customers, suppliers, vendors, and lenders to access sources of liquidity to provide for their own cash needs;\n\n•the potential impact to our business resulting from the financial difficulties of certain of our large wholesale customers, which may result in consolidations, liquidations, restructurings, and other ownership changes in the retail industry, as well as other changes in the competitive marketplace, including the introduction of new products or pricing changes by our competitors;\n\n•our ability to access capital markets and maintain compliance with covenants associated with our existing debt instruments;\n\n•a variety of legal, regulatory, tax, political, and economic risks, including risks related to the importation, exportation, and traceability and transparency of products which our operations are currently subject to, or may become subject to as a result of potential changes in legislation, and other risks associated with our international operations, such as compliance with the Foreign Corrupt Practices Act or violations of other anti-bribery and corruption laws prohibiting improper payments, and the burdens of complying with a variety of foreign laws and regulations, including tax laws, trade and labor restrictions, and related laws that may reduce the flexibility of our business;\n\n•the potential impact to the trading prices of our securities if our operating results, Class A common stock share repurchase activity, and/or cash dividend payments differ from investors' expectations;\n\n2\n\n•our ability to maintain our credit profile and ratings within the financial community;\n\n•our intention to introduce new products or brands, or enter into or renew alliances;\n\n•changes in the business of, and our relationships with, major wholesale customers and licensing partners; and\n\n•our ability to make strategic acquisitions and successfully integrate the acquired businesses into our existing operations.\n\nThese forward-looking statements are based largely on our expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. A detailed discussion of significant risk factors that have the potential to cause our actual results to differ materially from our expectations is described in Part I of this Form 10-K under the heading of \"Risk Factors.\" We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.\n\nWEBSITE ACCESS TO COMPANY REPORTS AND OTHER INFORMATION\n\nOur investor website is http://investor.ralphlauren.com. We were incorporated in June 1997 under the laws of the State of Delaware. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed with or furnished to the SEC pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, are available free of charge at our investor website under the caption \"SEC Filings\" promptly after we electronically file such materials with or furnish such materials to the SEC. All such filings are also available on the SEC's website at https://www.sec.gov. Information relating to corporate governance at Ralph Lauren Corporation, including our Corporate Governance Policies, our Code of Business Conduct and Ethics for all directors, officers, and employees, our Code of Ethics for Principal Executive Officers and Senior Financial Officers, and information concerning our directors, Committees of the Board of Directors, including Committee charters, and transactions involving Ralph Lauren Corporation securities by directors and executive officers, are available at our website under the captions \"Corporate Governance\" and \"SEC Filings.\" Paper copies of these filings and corporate governance documents are available to stockholders without charge by written request to Investor Relations, Ralph Lauren Corporation, 650 Madison Avenue, New York, New York 10022.\n\nIn this Form 10-K, references to \"Ralph Lauren,\" \"ourselves,\" \"we,\" \"our,\" \"us,\" and the \"Company\" refer to Ralph Lauren Corporation and its subsidiaries, unless the context indicates otherwise. Due to the collaborative and ongoing nature of our relationships with our licensees, such licensees are sometimes referred to in this Form 10-K as \"licensing alliances.\" Our fiscal year ends on the Saturday closest to March 31. All references to \"Fiscal 2027\" represent the 53-week fiscal year ending April 3, 2027. All references to \"Fiscal 2026\" represent the 52-week fiscal year ended March 28, 2026. All references to \"Fiscal 2025\" represent the 52-week fiscal year ended March 29, 2025. All references to \"Fiscal 2024\" represent the 52-week fiscal year ended March 30, 2024.\n\nPART I"}