Designer Ralph Lauren has stepped down as CEO at the head of his fashion empire. Effective in November, Stefan Larsson, former head at Old Navy will now lead the company. Ralph Lauren is huge with over 300 stores worldwide but revenues are down by 5.3% from June 2014 through June 2015.
Stefan Larsson has also had success at H&M for 15 years while still a lead at Old Navy, overseeing a growth fro $3 billion dollars to $17 billion. While the Ralph Lauren brand has seen success in the 1990’s and 2000’s, sales are definitely down and Larsson’s experience might surely aid. However, it is important to note that European brands such as Christian Dior and Yves Saint Laurent, have recently rejuvenated their brands by hiring new creative leads to compete with newer and younger fashion brands.
Ralph Lauren will remain as executive chairman and Stefan Larssen will report to Lauren.