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

First graph, second sentence should read: The Company expects that over the next year the new annual dividend rate will be $0.40 per share. (sted The Company expects that over the next year the new quarterly dividend rate will be $0.40 per share.)

The corrected release reads:

POLO RALPH LAUREN ANNOUNCES INCREASE OF ITS QUARTERLY CASH DIVIDEND AND ADDITIONAL $225 MILLION STOCK REPURCHASE AUTHORIZATION

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 annual 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.