RALPH LAUREN STEPS DOWN AS CEO; MEET THE NEW CHIEF EXECUTIVE
Designer Ralph Lauren, who pioneered a luxury lifestyle look, has stepped down as chief executive of the fashion company he founded nearly 50 years ago.
Mr Lauren has given the role to Stefan Larsson, the president of the Gap-owned budget chain, Old Navy. Mr Larsson will report to the designer who will continue to oversee the company’s creative look and strategy.
The iconic company has been struggling to boost profits as a stronger dollar reduces the value of sales from outside the US. Mr Larsson is credited with reviving sales at Old Navy, where he offered the latest styles at low prices.
Mr Lauren, who will turn 76 in October, said Mr Larsson would be in charge of growing future sales.
Speaking of his replacement, Mr 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.”
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