Polo Ralph Lauren Announces Increase of Its Quarterly Cash Dividend and Additional $225 Million Stock Repurchase Authorization

NEW YORK--(Business Wire)--
Polo Ralph Lauren Corporation (NYSE: RL) today announced its Board of Directors
has declared a regular quarterly cash dividend of $0.10 per share on the
Company`s Common Stock, an increase of $0.05 per share or 100% more than the
Company`s previous quarterly cash dividend of $0.05 per share. The Company
expects that over the next year the new quarterly dividend rate will be $0.40
per share. Based on the current number of shares outstanding, the new dividend
rate may result in an anticipated annualized payout of approximately $40
million. The dividend is payable on January 8, 2010 to shareholders of record at
the close of business on December 24, 2009.

In addition, the Company's Board of Directors authorized an additional $225
million stock repurchase program, permitting the Company to purchase shares of
Class A Common Stock, subject to market conditions. This amount is in addition
to the $206 million available as part of a previously authorized stock
repurchase program, bringing the Company`s total current authorizations to $431
million.

"The increases in our dividend and share repurchase authorization indicate the
confidence our Board has in our underlying performance and our future
prospects," said Roger Farah, President and Chief Operating Officer. "Our
ability to continue generating strong cash flow provides us with the flexibility
not only to fund our long-term strategic growth objectives, but also to further
enhance how we deliver outstanding value to our shareholders."

ABOUT POLO RALPH LAUREN

Polo Ralph Lauren Corporation (NYSE: RL) is a leader in the design, marketing
and distribution of premium lifestyle products in four categories: apparel,
home, accessories and fragrances. For more than 40 years, the Company'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 by Ralph Lauren, Ralph Lauren Purple Label,
Ralph Lauren Collection, Black Label, Blue Label, Lauren by Ralph Lauren, RRL,
RLX, Rugby, Ralph Lauren Childrenswear, American Living, Chaps and Club Monaco,
constitute one of the world's most widely recognized families of consumer
brands. For more information, go to http://investor.ralphlauren.com.

This press release and oral statements made from time to time by representatives
of the Company contain certain "forward-looking statements" concerning current
expectations about the Company's future results and condition, including
revenues, store openings, gross margins, expenses and earnings. Actual results
might differ materially from those projected in the forward-looking statements.
Among the factors that could cause actual results to materially differ include,
among others, changes in the competitive marketplace, including the introduction
of new products or pricing changes by our competitors; changes in the economy
and other events leading to a reduction in discretionary consumer spending;
risks associated with the Company's dependence on sales to a limited number of
large department store customers, including risks related to extending credit to
customers; risks associated with the Company's dependence on its licensing
partners for a significant portion of its net income and risks associated with a
lack of operational and financial control over licensed businesses; risks
associated with changes in social, political, economic and other conditions
affecting foreign operations or sourcing (including foreign exchange
fluctuations) and the possible adverse impact of changes in import restrictions;
risks associated with uncertainty relating to the Company's ability to implement
its growth strategies or its ability to successfully integrate acquired
businesses; risks arising out of litigation or trademark conflicts, and other
risk factors identified in the Company's Annual Report on Form 10-K, Form 10-Q
and Form 8-K reports filed with the Securities and Exchange Commission. The
Company undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.

Polo Ralph Lauren
Investor Relations:
James Hurley, 212-813-7862
or
Corporate Communications:
Julie Berman, 212-583-2262

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