In the latest business news, one of the top luxury brands for mens fashion wear, Polo Ralph Lauren is looking at opening its first company-owned stores in mainland China, joining a long line of other western luxury brands eager to serve the growing Asian markets. Polo Ralph Lauren is known for the preppy look pioneered by its founder Ralph Lauren. The company is planning to establish an e-commerce presence in China, Taiwan, and elsewhere in Asia to reinforce its brand.

Its president sees the region as a "once-in-a-lifetime opportunity." He believes that the company needs to move quickly on the e-commerce strategy because it will work help lay the groundwork for the brand. The company's Asia business has previously been handled by licensees, and it wants to take control of these licensees and focus on opening high-profile, company-owned stores instead.