The famous fashion and luxury retailer Ralph Lauren Corporation (NYSE:RL) has joined the coronavirus fight with a pledge of $10 million to help stop COVID-19's spread, or at least mitigate its effects. In addition, the company, which is in an excellent financial position, is launching large-scale production of masks and gowns to aid in increasing supplies of these critical healthcare items.
Part of the $10 million in charitable funds is earmarked to help Ralph Lauren employees impacted in various ways by the novel coronavirus. The aid will come in the form of grants that will help cover the medical expenses of workers who fall ill, along with assistance to cover child care and eldercare. Another portion of the money is designed to give financial help to affected people in the fashion industry, through the Council of Fashion Designers of America (CFDA)/Vogue Fashion Fund.
Some of the money will also go toward more general COVID-19 relief. An unspecified amount is directed to the COVID-19 Solidarity Response Fund, run by the World Health Organization (WHO) with the goal of detecting and containing the coronavirus around the planet. Finally, some of the funds are intended for the Pink Pony Fund to assist people with cancer.
Ralph Lauren also says that it is directing its U.S. manufacturing partners to produce 25,000 isolation gowns and 250,000 masks.
As part of the announcement, President and CEO Patrice Louvet also stated, "As we move through this challenging time, we are focused on continuing to be the beacon of optimism and unity that Ralph Lauren and our brands have always been."