Ralph Lauren is to step down as the chief executive of the luxury fashion house he founded 48 years ago.
The designer will be replaced in November by Stefan Larsson, president of Old Navy, the low-price clothes brand owned by Gap Inc.
Ralph Lauren, who will turn 76 in October, plans to stay on as the chief designer for the label.
The news caused Ralph Lauren’s shares to rise 3.9% in post-trading hours. Shares in Gap fell by 3.4%.
Speaking of his replacement, Ralph Lauren said: “He understands what dreams are. In this business, it’s about dreams because you are dreaming ahead and you’re about progress and change and newness.”
Ralph Lauren corporation – well-known for its polo shirts – has expanded from selling clothes into the restaurant trade in recent years.
Stefan Larsson, 41, led Old Navy from 2012 and has been credited with boosting sales, even as other Gap labels faltered. Before taking over Old Navy, he worked for the Swedish brand H&M for 15 years.
Ralph Lauren fashion house made $7.5 billion in sales in 2014.
Ralph Lauren said his successor was “exceptionally talented” and would bring “a fresh and exciting global perspective” to the company.
This website has updated its privacy policy in compliance with EU GDPR 2016/679. Please read this to review the updates about which personal data we collect on our site. By continuing to use this site, you are agreeing to our updated policy. AcceptRejectRead More
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.