Polo Ralph Lauren ( RL) said it is starting a new group named Global Brand Concepts to develop new lifestyle brands for specialty and department stores.

The New York-based company said it is "uniquely positioned to work in partnership with stores seeking individuality in the marketplace by creating their own exclusive brand." It seeks to design, market and advertise full lifestyle product including men's, women's, children's, home and accessories.

"The concept for this new initiative is pretty simple," said CEO Ralph Lauren. "We've built and elevated our luxury brand, led the way in many respects, and now we can do the same for new types of brands. There's a strong need in the marketplace for individuality to drive traffic into stores. We will meet that need by partnering throughout the process on quality design, operations, marketing, merchandising, and advertising. We can be all of that for stores looking for new, specialized brands."