Ralph Lauren is hanging up his title as CEO for his fashion empire as he steps down after almost five decades running his namesake label.
The brand will be taken over by Swedish born Stefan Larsson, former H&M executive and president of Old Navy, Gap’s down-market brand.
Ralph Lauren, whose family name was initially Lifshitz, and was changed to Lauren by the designers brother, has been a household name which has resonated across generations, fashion senses, and countries as the utmost in excellence when it comes to men’s fashion.
Lauren however, will not be completely out of the picture. He is expected to stay on as design chief, while Larsson will in turn be reporting to him, though Ralph disclosed their relationship is a “partnership.”
Speaking to Wall Street Journal on his decision, Mr Lauren said, “The company has to change. It’s a public company and we have a responsibility to have the right leadership.”