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Ralph Lauren steps down as company boss Ralph Lauren steps down as company boss
(about 2 hours later)
The designer Ralph Lauren is to step down as the head of the luxury fashion company he founded nearly 50 years ago. 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.
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. Stefan Larsson, the president of the Gap-owned budget chain, Old Navy will replace him as chief executive.
Mr Lauren, who will turn 76 in October, plans to stay on as the chief designer for the label. Mr Lauren, known for his Polo brand, will continue to oversee the company's look as chief designer.
The news caused Ralph Lauren's shares to rise 3.9% in post-trading hours. Shares in Gap fell by 3.4%. 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 company - well-known for its polo shirts - has expanded from selling clothes into the restaurant trade in recent years. 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.