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Ralph Lauren steps down as company boss | Ralph Lauren steps down as company boss |
(about 7 hours later) | |
The designer Ralph Lauren is to step down as the head of the luxury fashion company he founded nearly 50 years ago. | The designer Ralph Lauren is to step down as the head of the luxury fashion company he founded nearly 50 years ago. |
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. | 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. |
Mr Lauren, who will turn 76 in October, plans to stay on as the chief designer for the label. | Mr Lauren, who will turn 76 in October, plans to stay on as the chief designer for the label. |
The news caused Ralph Lauren's shares to rise 3.9% in post-trading hours. Shares in Gap fell by 3.4%. | The news caused Ralph Lauren's shares to rise 3.9% in post-trading hours. Shares in Gap fell by 3.4%. |
"He understands what dreams are,'' Mr Lauren said. "In this business, it's about dreams because you are dreaming ahead and you're about progress and change and newness." | "He understands what dreams are,'' Mr Lauren said. "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. | The company - well-known for its polo shirts - has expanded from selling clothes into the restaurant trade in recent years. |
Mr Larsson, 41, led Old Navy from 2012 and has been credited with boosting sales, even as other Gap labels faltered. Before taking over Old Navy, he worked for the Swedish brand H&M for 15 years. | Mr Larsson, 41, led Old Navy from 2012 and has been credited with boosting sales, even as other Gap labels faltered. Before taking over Old Navy, he worked for the Swedish brand H&M for 15 years. |
Ralph Lauren made $7.5bn (£5bn) in sales last year. | |
Mr Lauren said his successor was "exceptionally talented" and would bring "a fresh and exciting global perspective" to the company. | Mr Lauren said his successor was "exceptionally talented" and would bring "a fresh and exciting global perspective" to the company. |