Ralph Lauren has signed a new five-year employment contract with the Ralph Lauren Corporation.

The designer - who is the founder, chairman and chief executive officer of the company - will remain at the helm until April 1, 2017, the end of The Firm's 2017 fiscal year.

Under his new contract, 72-year-old Lauren's salary increases 40 per cent to $1.75 million a year from its previous level of $1.25 million, according to WWD.

In May the US fashion house reported a year of ''spectacular growth'' as profits soared 20 per cent.

Earlier this year the company launched a four scent collection, entitled Big Pony, aimed at women as an extension of their Big Pony for Men range.

Marc Rey, president of International Designer Collections at L'Oreal USA - who worked with Ralph Lauren on the perfumes - said: ''With this launch, we bring to young women an appealing message: Live life in colour by expressing every vibrant side of you. The Big Pony Collection for Women is a bouquet of exciting fragrances for the iPod generation.''

Guillaume de Lesquen, president of Ralph Lauren Fragrances Worldwide, added: ''The Big Pony Collection for Women empowers a woman to express all her different sides and convey the whole story of who she is. This means identifying the four key attributes of a modern woman's femininity - sporty, sensual, free-spirited and stylish.''