Fashion label Ralph Lauren has appointed Patrice Louvet as its new CEO. He will succeed Stefan Larsson, who decided to leave the company following a difference of opinion with founder and chairman Ralph Lauren.
Louvet, who has worked for Procter & Gamble since 1989, will become Ralph Lauren’s CEO on 17 July. Prior to P&G, he was in the French navy for more than a decade. He will now have to steer the company back on track, because its popularity has been waning for a while.
He will still need to report to 77-year old Ralph Lauren, who does not seem to loosen his grip on the brand anytime soon. “Finding the right partner to work with me to take us forward in our evolution has been my primary focus over the last several months,” Lauren said in a statement. The previous CEO, Stefan Larsson, said in February he would resign on 1 May, only two years after he took charge. He mentioned his difficult relationship with Ralph Lauren as the reason for his departure.
“We had to conclude that we have a different approach to the business’ creative side. After many conversations, both mutually and with the board of directors, we decided to go our own separate ways. I thank Stefan for his contribution over the years, which have placed us in the right direction”, Lauren said back at the time.