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Fashion boss Ralph Lauren steps down after 48 years

September 30, 2015

Luxury designer Ralph Lauren has announced that he is stepping aside after 48 years as chief executive of his fashion house. His successor is meant to contribute his experience in mass-market fashion to the Polo-empire.

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Ralph Lauren - Runway - New York Fashion Week
Image: picture-alliance/dpa

Ralph Lauren is handing off his title as CEO of the fashion and home decor empire that he founded nearly 50 years ago. 75-year-old Ralph Lauren will remain as executive chairman and chief creative officer of the Ralph Lauren Corporation.

"Stefan is coming to the company because I really believe he's going to be an interesting addition," said Lauren adding that he was certainly not leaving the company.

"When they start designing things I can't understand, I'll quit," Lauren told the New York Times in an interview.

Swedish chief executive

The New York-based company announced that Stefan Larsson, 41, would take the reins as chief executive in November, joining the company's board. A former executive of Swedish retailer Hennes & Mauritz (H&M), he was global president since 2012 of clothing chain Old Navy, a division of fashion conglomerate Gap Inc.

Larsson said he was "thrilled to have the opportunity to work directly and collaboratively with a fashion giant like Ralph Lauren."

Lauren praised Larsson's "unique sensibility, his honesty and his authenticity."

A changing luxury market

Ralph Lauren started his company 48 years ago selling ties, and later built a vast empire that today includes women's, men's and children's clothing, home decor, accessories and now restaurants.

Despite the aura of Anglo-Saxon elitism around his company, Lauren was born Ralph Lifshitz in the Bronx in 1939. His parents were Jewish immigrants from Belarus, and he changed his name to Lauren at age 16. The Ralph Lauren Polo shirt, which debuted in 1972, became a signature item for the company with a tiny polo player embroidered on the chest.

But after years of surging growth, the Ralph Lauren Corporation saw its revenue slow down. Overall shares have fallen 44 percent so far this year. The company has been grappling with weakness in its Europe business and the overall saturation of the luxury business.

US Olympic Team 2012
Lauren is noted for signature Anglo-Saxon style, which he highlighted during 2012 London Olympics when dressing the American teamImage: dapd

Milton Pedraza, a fashion industry analyst at the Luxury Institute, said Larsson's appointment followed a trend of luxury brands hiring leaders from mass-market companies in recent months in a bid to revive sales. He cited the appointment of Grita Loebsack, a former vice president at Unilever Plc, as CEO of Kering's emerging brands, which include Stella McCartney and Gucci.

As of late June, Ralph Lauren operated 467 company-owned stores worldwide, including his Club Monaco brand and Polo Factory stores. The company also operated 558 concession shops worldwide. In addition, international licensing partners operation more than 200 other locations.

ss/bw (AP, dpa, Reuters)