
<PAGE>   1
                                                             EXHIBIT 21.1

                          POLO RALPH LAUREN CORPORATION
                            SIGNIFICANT SUBSIDIARIES

   All the significant subsidiaries are wholly-owned by Polo Ralph Lauren
   Corporation and/or one or more of its wholly-owned subsidiaries.

<TABLE>
<CAPTION>
                                                Jurisdiction in
      Name                                      which Organized
      ----                                      ---------------
<S>                                             <C>
      Fashions Outlet of America, Inc.          Delaware
      PRL USA Holdings, Inc.                    Delaware
      PRL International, Inc.                   Delaware
</TABLE>



