U.S. SECURITIES AND EXCHANGE COMMISSION
                                                       WASHINGTON, D.C. 20549

                                            STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

             Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
                         Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                                                                                                 
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             FORM 4                                                                                           OMB APPROVAL
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[ ] CHECK THIS BOX IF NO LONGER                                                                     OMB Number:            3235-0287
    SUBJECT TO SECTION 16. FORM 4                                                                   Expires:      September 30, 1998
    OR FORM 5 OBLIGATIONS MAY                                                                       Estimated average burden
    CONTINUE. SEE INSTRUCTION 1(B).                                                                 hours per response      .... 0.5
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1. Name and Address of Reporting Person *

Strom                       Peter
   (Last)                   (First)                 (Middle)

1 West 81st Street
                            (Street)

New York                    New York                  10024
   (City)                   (State)                   (Zip)


2. Issuer Name and Ticker or Trading Symbol

Polo Ralph Lauren Corporation (RL)


3. IRS or Social Security Number of Reporting Person (Voluntary)


4. Statement of Month/Year

4/1999


5. If Amendment, Date or Original (Month/Year)


6. Relationship of Reporting Person to Issuer   (Check all applicable)

         X    Director                          10% Owner
       -----                              -----
              Officer (give title               Other
       -----           below)             ----- (specify
                                                 below)

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7.    Individual or Join/Group Filing (Check Applicable Line)

         X     Form filed by One Reporting Person
       -----
               Form filed by More than One Reporting Person
       -----


                          TABLE I-- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED


1. Title of Security           2. Transaction  3. Trans-     4. Securities Acquired (A)  5. Amount of     6. Owner-    7. Nature
   (Instr. 3)                     Date            action        or Disposed of (D)          Securities       ship         of In-
                                                  Code          (Instr. 3, 4 and 5)         Beneficially     Form:        direct
                                  (Month/         (Instr. 8)                                Owned at         Direct       Bene-
                                  Day/         -------------  -------------------------     End of           (D)          ficial
                                  Year)                                   (A)               Month            Indirect     Owner-
                                               Code      V      Amount     or    Price      (Instr. 3        (I)          ship
                                                                          (D)               and 4)           (Instr. 4)  (Instr. 4)
- -----------------------------  --------------  -------------  ----------  ---   -------  ----------------- -----------  -----------
                                                                                               
- -----------------------------  --------------  -------------  ----------  ---   -------  ----------------- -----------  -----------
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.                   (Over)
* If the form is filed by more than one reporting person, SEE Instruction 4(b)(v).                                    SEC 1474 9-96)


FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) 1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer- Security (Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex- Exercise Date (Instr. 8) quired (A) or Dis- piration Date Price of posed of (D) Deriv- (Month/ (Instr. 3, 4 and 5) (Month/Day/ ative Day/ Year) Security Year) ------------- ------------------------- ---------------------- Date Expira- Code V (A) (D) Exer- tion cisable Date - -------------------------------------- ------------- ----------- ------------- ----------- ----------- ----------- --------- Option issued pursuant to Issuer's 1997 Stock Option Plan for Non- Employee Directors (Right to Buy) 4/1/99 A V 3,000 (1) 4/1/09 - -------------------------------------- ------------- ----------- ------------- ----------- ----------- ----------- --------- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na- Underlying Securities Deriv of Deriv- ship ture ative ative Form of In- (Instr. 3 and 4) Secur- Secur- of De- direct ity ities rivative Bene- (Instr. Bene Secu- ficial 5) ficially rity: Own- Owned Direct ership - -------------------------------------- at End (D) or (Instr. 4) Amount or of Indi- Title Number of Month rect (I) Shares (Instr. 4) (Instr. 4) - --------------------- --------------- ------------- ------------- ------------- -------------- Class A Common Stock 3,000 $19.5625 13,500 D - --------------------- --------------- ------------- ------------- ------------- -------------- Explanation of Responses: (1) The option was granted on April 1, 1999. The option vests and becomes exercisable with respect to 50% of the shares of Class A Common Stock subject to the option on each of the first and second anniversaries of the date of grant. ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, SEE Instruction 6 for procedure. /s/ Peter Strom April 1, 1999 - ----------------------------------------------- --------------------- **Signature of Reporting Person Date Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number. Page 2 SEC 1474 (9-96)