Ralph Lauren, the American designer made an official announcement that he will be stepping down from his post as CEO of his company, handing the executive reins of the fashion empire he established to Stefan Larsson, former global president of Old Navy.
Since the inception of the brand in 1967 which today is one of the most important brands to ever come out of the United States, Ralph Lauren has spear headed his company in the position of CEO and designer. For almost half a century he has relentlessly worked towards putting American Style on the map. While this announcement comes as a big blow to fans and loyalists of the fashion brand , it is a huge relief to know Lauren will stay on as executive chairman and chief creative officer. The 75-year-old founder and face of the fashion mega-house, Ralph Lauren, will continue to “actively drive the company’s vision,” a company statement read.
In the statement, Larsson expressed his excitement at taking over for the fashion mogul.
“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.”
Lauren reciprocated the praise, saying he and Larsson shared a “strong personal bond.” The change may also be
“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. 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. 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.”
Ralph Lauren recently restructured its global brand management, possibly due to overall shares having fallen 44 percent so far this year due to the saturation of the luxury market and various other factors.
The Fashion House has also introduced three new brands to its portfolio over the past two years: Polo for Women, Polo Sport and Denim and Supply and are working towards strengthening their online presence.
While it’s no easy task to step into Ralph Lauren’s shoes, we do know that with Larsson’s rich experience in the retail industry the company is in good hands. Larsson has made his name in budget-conscious mass-retailing, first at H&M and then at Old Navy.