Ralph Lauren steps down as CEO after 48 years

Stefan Larsson will be taking his place as CEO, previously he was the global president of Old Navy

The multi-billion dollar American fashion designer Ralph Lauren of the Ralph Lauren Corporation announced that he will be stepping down as CEO of his brand passing the role on to Stefan Larsson starting November of this year.

Larsson is coming to the company from his previous employer, Gap Inc where he was the global president of Old Navy. There, he played a vital role in the growth of sales by $1 billion over three consecutive years. He was also strategic to H&M’s profit growth for 15 years before that.

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Larsson will still be reporting to Ralph Lauren as he is not retiring from the company entirely. He will remain there as the Executive Chairman and Chief Creative Officer (CCO).

Talking about the change in a press statement released to Mashable, Ralph Lauren said, “My job is to think always about the future of our company and how to move it forward. Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective.

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Talking about his relationship with the future CEO he said, "Stefan and I have a strong personal bond and share a vision for the future of Ralph Lauren. I appreciate Stefan’s unique sensibility, his honesty and his authenticity. We have had tremendous success expanding the Ralph Lauren brands around the world and creating a great management team.”

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The designer has been leading the fashion industry for decades and is sure that stepping down as CEO will not cause any hindrance to his company's growing success. "Now, all the pieces are in place to position our business for continued growth. We have been a leader in our industry for nearly 50 years, and this is just the beginning," he said.

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Larsson’s response to this was: “I am thrilled to have the opportunity to work directly and collaboratively with a fashion giant like Ralph Lauren. His creativity and singular vision have made Ralph Lauren one of the world’s most influential global brands, and I share his dreams for the future. I believe the company has tremendous potential to continue expanding in the global marketplace as it broadens its appeal to all consumers."

PHOTO: DIGITALLUXURYGROUP

It is clear that the decision was taken to boost the growth of the company. It was also announced that President and Chief Operating Officer Jackwyn Nemerov will retire next month, but will continue to contribute as an advisor.