Designer Ralph Lauren is to step down as the head of the luxury fashion company he founded nearly 50 years ago and has been its head since inception. He will be replaced as chief executive in November by Stefan Larsson, president of Old Navy, the low-price clothes brand owned by Gap Inc, the BBC reports.
Although he plans to stay on as the chief designer for the label and news caused Ralph Lauren’s shares to rise 3.9 per cent in post-trading hours. Shares in Gap fell by 3.4 per cent.
Speaking of his replacement, Mr. Lauren, who turns 76 in October,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.”
The company – well-known for its polo shirts – has expanded from selling clothes into the restaurant trade in recent years.