Ralph Lauren Corp plans to open 60 stores in China within the next three years, and the first 15 shops will open in Beijing, Shanghai and Hong Kong this year, according to WWD.com, a fashion news portal.

The US fashion giant is still identifying locations for the additional 45 stores, but has a few commitments in place for locations in shopping malls scheduled to open in 2014, according to the website.

Last month, Ralph Lauren opened its first men's flagship store in Hong Kong. The three-floor store offers Ralph Lauren's men's collections and accessories, including leather goods, footwear and watches.

On June 28, the company issued a press release announcing that its board of directors declared a regular quarterly dividend of $0.40 per share to shareholders.