Iconic designer, Ralph Lauren, has officially announced he will be passing on the mantle of the Chief Executive Officer of his fashion retail and lifestyle empire to former executive at Hennes & Mauritz, H&M and Current President of Old Navy, Stefan Larsson.
As stated by Ralph who successfully turned his New York-based brand into a successful global brand, his decision was prompted by the need to consolidate the finances of his brand, as the multiple Ralph Lauren-associated brands struggle against a strong dollar, greater luxury-level competition, and a falling share price.
However, he also stated that he will only fully quit when the brand starts designing things he doesn’t understand.
Larsson is expected to step into his new role as CEO this November.
Ralph was born into a Jewish home as Ralph Lifshitz but changed his name to Ralph Lauren.