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August 24, 1994|From Times Staff and Wire Reports

Goldman Sachs Invests in Polo Ralph Lauren: The country's biggest investment banking partnership purchased a 28% stake in the upscale fashion house for $135 million, said a spokeswoman for the clothing, home design and toiletries company. Chairman and Chief Executive Ralph Lauren and Vice Chairman Peter Strom together own the remaining 72% of the privately held company. Lauren approved the sale to beef up the 26-year-old firm's financial base and to finance growth, the spokeswoman said. Observers were surprised by the low price paid by Goldman, which implies that the entire Polo Ralph Lauren Corp. is worth $482.1 million, less than what they had believed. Goldman declined to comment on the investment.

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