The pioneered a luxury lifestyle look Designer Ralph Lauren has stepped down as chief executive of the fashion company he founded nearly 50 years ago and the role will be taken by Stefan Larsson, who is credited with reviving sales at Old Navy, where he offered the latest styles at low prices. Report say annual sales under Mr Larsson’s leadership rose 8% in 2014 and became Gap’s biggest business.
Mr Lauren, who will turn 76 in October, said Mr Larsson, the president of the Gap-owned budget chain, Old Navy 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.”
He thinks Mr Larsson’s background will help the Ralph Lauren brand to reorganise and create greater efficiencies in their supply chain.
Lauren’s fashion empire includes some 25 brands including Polo, Club Monaco and Denim & Supply. The company makes clothing, accessories, furniture, home decor items and footwear under its labels.