Ralph Lauren Is Losing the Battle for America’s Preppies

When Team USA trotted into Maracanã Stadium for the opening ceremony of the 2016 Rio Olympics, they were decked out in a red, white, and blue ensemble from Ralph Lauren Corp. The look was classic American prep: navy blazers, striped shirts, and white denim. Giant Polo labels were emblazoned on their chests for the world to see.

Ralph Lauren built a multibillion-dollar brand by becoming a profoundly American label—the embodiment of various pieces of national identity tinged with a capitalistic bent: country clubs, the Ivy League, and even nostalgia for the Old West. But while the power of prep lives on, the brand has lately ceded ground to newer competitors that have added twists to the old look. Ralph Lauren, thus far, hasn't been able to cope.