Ralph Lauren is stepping down as CEO of the fashion empire that he founded nearly 50 years ago.
The company announced on Tuesday that Stefan Larsson, who has been the global president of Gap’s low-price Old Navy chain for three years, will succeed him from November.
Larsson will report to Lauren who will continue to drive the company’s vision and strategy as executive chairman and chief creative officer.
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“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.”
Ralph Lauren also announced that Jackwyn Nemerov, president and chief operating officer, will retire in November, at which time she will become an adviser to the company.
The news comes as Ralph Lauren, which generated sales of $US7.5 billion ($A10.7 billion) in the latest fiscal year March 28, has been expanding its luxury business while beefing up its online presence. In the past two years, the company has added three new brands – Polo for Women, Polo Sport and Denim and Supply.