New York: Legendary designer Ralph Lauren have stepped down the title as CEO of the fashion and home decor empire that he founded nearly 50 years ago.
The company announced on Tuesday that Stefan Larsson, the global president of Gap’s thriving low-price Old Navy chain, will take on the role left by Lauren. The change will be implemented in November and Larsson will report to Lauren who will continue to drive the company’s vision and strategy as executive chairman and chief creative officer.
Larsson reconstructed the business into a bright spot in Gap’s portfolio as he was the global president of Old Navy for three years. Earlier to his tenure at Old Navy, Larsson was part of an executive team at Swedish cheap chic fashion chan H&M for 15 years that raised the annual revenue to $17 billion from $3 billion. During that time, H&M’s operations grew to 44 countries from 12.
With an interview with Lauren in his luxurious wood-paneled office in Midtown Manhattan, the iconic 75-year-old designer emphasized that he’s not slowing down but sees Larsson, 41, as a partner as the company spearheads future sales growth.
“I am here, and I am not leaving,” said Lauren. “Stefan is coming to the company because I really believe he’s going to be an interesting addition.”
