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Ralph Lauren steps down as company boss | Ralph Lauren steps down as company boss |
(about 2 hours later) | |
Designer Ralph Lauren, who pioneered a luxury lifestyle look, is to step down as head of the fashion company he founded nearly 50 years ago. | |
Stefan Larsson, the president of the Gap-owned budget chain, Old Navy will replace him as chief executive. | |
Mr Lauren, known for his Polo brand, will continue to oversee the company's look as chief designer. | |
Analysts say luxury brands are increasingly hiring from mass-market firms. | |
The iconic company has been struggling to boost profits as a stronger dollar reduces the value of sales from outside the US. | |
Mr Larsson is credited with reviving sales at Old Navy, where he offered the latest styles at low prices. | |
'Natural progression' | |
Mr Lauren, who will turn 76 in October, said Mr Larsson would be in charge of growing future sales. | |
Speaking of his replacement, Mr Lauren 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." | Speaking of his replacement, Mr Lauren 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 announcement caused Ralph Lauren's shares to rise 3.9% in post-trading hours. | |
Odeon Capital analyst Rick Snyder said the change in chief executive was "just a natural progression". | |
Ralph Lauren's Legacy | |
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. | 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. |