1037038--6/15/2006--POLO_RALPH_LAUREN

related topics

{customer, product, revenue}

{operation, international, foreign}

{competitive, industry, competition}

{property, intellectual, protect}

{condition, economic, financial}

Our business could suffer as a result of consolidations, restructurings and other ownership changes in the retail industry. Our business could be negatively impacted by any financial instability of our customers. Our business could suffer as a result of a manufacturer s inability to produce our goods on time and to our specifications. Our business could suffer if we need to replace manufacturers. Our business could suffer if one of our manufacturers fails to use acceptable labor practices. Our business is subject to risks associated with importing products. We are dependent upon the revenue generated by our licensing alliances. We rely on our licensing partners to preserve the value of our licenses. Failure to maintain licensing partners could harm our business. Our trademarks and other intellectual property rights may not be adequately protected outside the United States. Our business is exposed to domestic and foreign currency fluctuations. Our ability to conduct business in international markets may be affected by legal, regulatory, political and economic risks. Risks Relating to the Industry in Which We Compete We face intense competition in the worldwide apparel industry.

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1037038--6/15/2006--POLO_RALPH_LAUREN_CORP