Ralph Lauren wins China’s loyal superfans as sales surge 50%

Ralph Lauren’s China business jumped 50% last quarter, powered by a narrow but deeply committed base of Chinese buyers even as the broader luxury market stayed under pressure from weak confidence, a prolonged property slump and softer income expectations. The brand now operates about 250 stores in China.

At the center of that demand is Xiao Neng, a 23-year-old collector in Shanghai who has spent at least $1 million on Ralph Lauren clothing over the past four to five years. He now resells part of it through two vintage stores he opened in downtown Shanghai.

Mainland China’s personal luxury goods market contracted 3% to 5% in 2025 and began showing signs of recovery in the third quarter. Bain & Company’s 2026 outlook calls for the global personal luxury market to return to moderate expansion, with a 3% to 5% growth scenario as the most plausible case, while China remains on a gradual recovery path.

Ralph Lauren is benefiting from that shift because it sits in a middle ground that resonates with Chinese shoppers trading down from top-tier luxury but still willing to spend on brands that feel distinctive and relatively accessible. Its American heritage, lifestyle image and pricing have helped it stand apart from more expensive labels that have lost momentum with younger aspirational buyers. The gains are part of a multi-year overhaul, not a one-quarter fluke.

Ralph Lauren’s fiscal fourth-quarter revenue rose 17% on a reported basis and 12% in constant currency, while full-year fiscal 2026 revenue increased 15% on a reported basis and 12% in constant currency. Global direct-to-consumer comparable store sales climbed 17% in the fourth quarter.