Ralph Lauren just announced he would be stepping down as CEO of his company. Wow–didn’t see that coming. He has been the business brains and the creative genius behind the Ralph Lauren label for 48 years. What an incredible fashion empire he has created over these past years. His signature country club chic look is the perfect silhouette for the casual American lifestyle. Not only is his brand infamous for clothing but equally important is the womens accessory lines. The Ricky handbag (inspired by his wife) is one of the companys most coveted luxury items–retailing for $22,500.00
When Mr. Lauren steps down from the day -to-day business in November, Mr. Stefan Larsson will be taking over at the helm. Mr. Larsson is currently the global President of Old Navy and had been an H&M executive for 15 yrs. prior. Wall Street responded to the news with an uptick in Ralph Lauren stock and a down day for The Gap corp. Mr. Larsson has had 3 consecutive years of profitable growth with Old Navy.
Even though the reins will be turned over to Mr. Larsson, Mr. Lauren will still retain the post of executive chairman and chief creative director of the multi-brand company. Mr. Lauren states, “my job is to think always about the future of our company and how to move it forward”. He also stated, “Stefan Larsson is exceptionally talented and he will bring our company a fresh and exciting global perspective”.