Fashion designer Ralph Lauren has relinquished his position as CEO of the eponymous fashion company, but he will still be its chairman of the board and its creative director. Stefan Larsson will replace him as CEO.
Plenty of experience
Larsson's previous work experience includes 15 years at Swedish fashion group H&M and 3 years at fashion brand Old Navy, prior to his promotion. He has to tackle the changing fashion market in the United States: Ralph Lauren gets plenty of turnover from shopping tourists, but the strong dollar means they do not spend as much in cities like New York or San Francisco.
Larsson's departure is bad news for Gap, Old Navy's parent company, as he was largely responsible for the brand's turnaround. Gap also wanted to get its other brands to move forward the way Larsson brought Old Navy forward, but the company will have to do so without him.