Also on the agenda, is a move to a more cost-effective, flexible e-commerce platform through a collaboration with Salesforce's Commerce Cloud (formerly Demandware).
Ralph Lauren opened the flagship in mid-2014 after signing a lease the year before for a 15-year term that set the yearly rent at $25 million, real estate sources said.
The company said that the goods from the Fifth Avenue store will be sold at other Ralph Lauren stores in NY.
The closure is part of the NY fashion company's plan to save $140 million annually.
Stefan Larsson had been in the role for less than two years when it was announced in February that he would be leaving, following differences between him and the company's founder and chairman Ralph Lauren. The company has eliminated layers of management, slashed 1,000 jobs and closed about 50 stores. Ralph Lauren is refocusing on its three core brands: Ralph Lauren, Polo and Lauren.
Samsung officials meet Yogi Adityanath, discuss investment
The other issues the first cabinet may take up include increased power supply to farmers and an ordinance for slaughterhouses. The Cabinet, chaired by the Chief Minister is likely to take up several key issues including a loan waiver for farmers.
"These are important actions we are taking to continue our evolution", CFO Jane Nielsen said in a statement.
Shares of the Ralph Lauren clothing brand declined 3.92 percent to $78.11 in morning trading, on Tuesday.
Ralph Lauren seems intent on rationalizing its store footprint after a global expansion that some analysts say left the company with too many brick-and-mortar locations.
The company's margins have also taken a knock as department stores discount heavily to get rid of excess inventory.
The company said the current restructuring will save $140 million per year.