Fashion giant Ralph Lauren is launching its first streetwear collaboration

Ralph Lauren is working with London skater label Palace in the American brand's first streetwear partnership.

Palace, known for its product "drops," where it launches a new collection without warning, and Ralph Lauren, famous for its traditional preppy-style Polo Ralph Lauren brand, announced the partnership via Instagram.

"'Palace Ralph Lauren is a timeless collection that represents a love letter from a young London skateboard company to their favorite brand in the universe,' — Palace," wrote Polo Ralph Lauren on its Instagram account, next to a picture of its polo-player emblem and the Palace logo.

Polo Ralph Lauren's recent Instagram posts include images of its stores lit up in pink, in support of its Pink Pony cancer initiative, photographs of founder Ralph Lauren wearing his signature wide-lapel suits and all-American shots of the Lauren family.

Palace's posts, meanwhile, show images shot by edgy photographer Juergen Teller where models wear smiley-face denim jackets and camouflage pants.

The Palace-Polo logo also appeared on three billboards in Tokyo's Shibuya district, according to industry website Business of Fashion, with Palace founders Lev Tanju and Gareth Skewis telling the site that the collection was inspired by pieces they have worn throughout their lives. "It's the only brand that you can wear to a board meeting, a funeral, and go to the football in — and all in the same day," Tanju said.

Partnerships between luxury brands and more youth-focused labels are becoming more common, with Louis Vuitton launching a collection with New York brand Supreme in 2017 and fashion house Fendi collaborating with sneaker brand Fila, using a mixture of the two brands' logos in September.

Ralph Lauren announced a new strategy in June, with "win over a new generation of consumers" being a key focus. "We are confident that with our clear strategic plan in place, we can return Ralph Lauren to sustainable long-term growth," said Patrice Louvet, the company's president and CEO, in an online statement.

It also said it would "lead with digital," and announced that Linda Kozlowski, the outgoing chief operating officer of online marketplace Etsy, would join its board.