Ralph Lauren is stepping down as CEO of his eponymous company.

The 75-year-old designer - who founded the luxury fashion label nearly 50 years ago - has announced he will be stepping down as head of the company.

Lauren has chosen Old Navy president Stefan Larsson to take over as chief executive in November.

Ralph said of his replacement: ''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.''

Larsson has been president of Old Navy - which is owned by Gap - since 2012 and has been widely credited for boosting sales even while other labels owned by the company have struggled.

He previously worked as Head of Global sales at H&M for 15 years

Although Ralph - who turns 76 in October - has decided to step down as CEO, he plans to stay on as chief designer for the label and insisted he and Larsson will work together in a ''partnership''.

Lauren added that his successor is ''exceptionally talented'' and will bring ''a fresh and exciting global perspective to the company''.