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| Ralph Lauren gets new chief executive | |
| (about 1 hour later) | |
| Designer Ralph Lauren, who pioneered a luxury lifestyle look, has stepped down as chief executive of the fashion company he founded nearly 50 years ago. | |
| Mr Lauren has given the role to Stefan Larsson, the president of the Gap-owned budget chain, Old Navy. | |
| Mr Larsson will report to the designer who will continue to oversee the company's creative look and strategy. | |
| Analysts say luxury brands are increasingly hiring from mass-market firms. | 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. | 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. | Mr Larsson is credited with reviving sales at Old Navy, where he offered the latest styles at low prices. |
| Annual sales under Mr Larsson's leadership rose 8% in 2014 and became Gap's biggest business. | |
| 'Natural progression' | 'Natural progression' |
| Mr Lauren, who will turn 76 in October, said Mr Larsson would be in charge of growing future sales. | 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. | 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". | Odeon Capital analyst Rick Snyder said the change in chief executive was "just a natural progression". |
| Lauren's fashion empire includes some 25 brands including Polo, Club Monaco and Denim & Supply. The company makes clothing, accessories, furniture, home decor items and footwear under its labels. | |
| Ralph Lauren's Legacy | 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. |