Ralph Lauren will add 500 jobs and invest $97 million over the next five years in High Point, where it already employs more than 1,400 people.

Gov. Bev Perdue announced the new jobs Thursday. If the company meets hiring and investment goals, it will be eligible for state grants of more than $3 million.

“We are happy to have found a home in High Point and look forward to expanding our operations in North Carolina and continuing our commitment to the community with the creation of new jobs over the next few years,” Roger Farah, president and chief operating officer of Ralph Lauren, said in a statement.

Ralph Lauren is High Point’s fourth-largest employer. Its operations in the area include three distribution centers, a customer contact center, various office functions and a research and development facility. The expansion would include inventory management and additional R&D operations.

Salaries will vary by job, but the total payroll for the new positions will be nearly $15.5 million, or an average of $31,000 per employee.

The state is providing a grant of up to $500,000 from the One North Carolina Fund, which requires a matching local grant, and as much as $2.5 million from the Job Development Investment Grant.

Under the JDIG terms, Ralph Lauren is eligible to receive a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the nine years in which the company meets annual performance targets.

In addition, up to $819,000 could be added to the state’s Utility Fund for infrastructure improvements in economically distressed counties. Staff writer Mary Cornatzer