American Designer Ralph Lauren Is Stepping Down As The Ceo Of His Fashion Empire, Nearly 50 Years After Founding The Company.
The style mogul, 75, will be handing over his duties in November (15), but he'll remain at the firm as executive chairman and chief creative officer.
Lauren made the announcement on Tuesday (29Sep15), revealing Stefan Larsson, the global president of Gap's low-price Old Navy chain, will take the reins of Ralph Lauren Corp. and also join the company's board of directors.
"My job is to think always about the future of our company and how to move it forward," Ralph Lauren said in a statement. "Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective."
In an interview with the Wall Street Journal he added, "I'm excited about my business and I'm not leaving. I'm taking on a partner."
Lauren founded the company in 1967 with a collection of neckties, and in the years since, he has helped create a global luxury brand, which encompasses men's, women's and children's clothing, as well as home furnishings. With more than 20 brands, Ralph Lauren Corp. generated sales of $7.5 billion in the latest fiscal year.