UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 3, 2003
POLO RALPH LAUREN CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 001-13057 13-2622036
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
650 MADISON AVENUE, NEW YORK, NEW YORK 10022
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 318-7000
NOT APPLICABLE
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(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.
On June 3, 2003, Jones Apparel Group, Inc. ("Jones") filed a lawsuit
against the Registrant in the Supreme Court of the State of New York alleging
among other things that the Registrant breached its agreements with Jones with
respect to the "Lauren" trademark by asserting its rights pursuant to the
Cross Default and Term Extension Agreement, between the Registrant and Jones
dated May 11, 1998, and that the Registrant induced Ms. Jackwyn Nemerov, the
former President of Jones, to breach the non-compete and confidentiality
clauses in Ms. Nemerov's employment agreement with Jones. Jones has indicated
that it will treat the Lauren license agreements as terminated as of December
31, 2003. Jones is seeking compensatory damages of $550 million as well as
punitive damages and to enforce the provisions of Ms. Nemerov's agreement. If
Jones' lawsuit against the Registrant were determined adversely to the
Registrant, it could have a material adverse effect on the results of
operations and financial condition of the Registrant; however, we believe that
the lawsuit is without merit and that the Registrant will prevail.
Also on June 3, 2003, the Registrant filed a lawsuit against Jones in
the Supreme Court of the State of New York. A copy of a press release regarding
the lawsuit filed by the Registrant is furnished herewith as Exhibit 99.1 and
is incorporated herein by reference.
ITEM 7. EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
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99.1 Press release of Polo Ralph Lauren Corporation, dated June 3, 2003
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
POLO RALPH LAUREN CORPORATION
By: /s/ Roger N. Farah
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Name: Roger N. Farah
Title: President and
Chief Operating Officer
Date: June 5, 2003
Exhibit 99.1
Polo Ralph Lauren Corporation (ticker: RL, exchange: New York Stock Exchange)
News Release - 6/3/2003
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Polo Ralph Lauren to Enforce its Contractual Right to Reclaim Key Licenses
from Jones Apparel Group
NEW YORK, Jun 3, 2003 (BUSINESS WIRE) -- Polo Ralph Lauren Corporation (NYSE:
RL) today announced it has filed a complaint in the Supreme Court of the State
of New York against Jones Apparel Group, Inc. seeking among other things an
injunction and a declaratory judgment that the Lauren license agreements
terminate as of December 31, 2003 pursuant to the express terms of a separate
cross-default agreement executed by the parties.
The Cross-Default Agreement executed by the companies on or about May 11, 1998
provides that the "termination or expiration" of any of the Lauren Agreements
or Ralph Agreements "shall result in the simultaneous termination or
expiration" of all such agreements. Polo Ralph Lauren believes that the
Cross-Default Agreement was triggered when Jones failed to meet its minimum
aggregate net sales volume for the period of January 1, 2002 to December 31,
2002 required to permit the renewal of the Ralph license agreements. Jones
admits that the Ralph license agreement terminate effective December 31, 2003.
Roger Farah, President and Chief Operating Officer of Polo Ralph Lauren, said,
"We regret taking this action, but we felt we had no choice but to seek
immediate Court relief from what we believe is obstructionist behavior from a
business partner that may irreparably damage our brands. We believe that we
are well within our legal right to reclaim our licenses. We are confident that
the Court will enforce our clear contractual rights enabling us to serve our
customers without interruption."
Polo Ralph Lauren Corporation is a leader in the design, marketing and
distribution of premium lifestyle products in four categories: apparel, home,
accessories and fragrances. For 35 years, Polo'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
"Polo", "Polo by Ralph Lauren", "Ralph Lauren Purple Label", "Polo Sport",
"Ralph Lauren", "RALPH", "Lauren", "Polo Jeans Co.", "RL", "Chaps", and "Club
Monaco" among others, constitute one of the world's most widely recognized
families of consumer brands. For more investor information, go to
http://investor.polo.com.
SOURCE: Polo Ralph Lauren
Polo Ralph Lauren, New York
(Investor) Nancy Murray, 212/813-7862
or (Media) Jim Abernathy, 212/371-5999