The chief and world class designer Ralph Lauren will be soon stepping down from his post as the head of the luxury fashion company he founded almost 50 years back. He will be taking up the position of chief executive in November this year. Stephen Larsen will be taking his position as the head of the fashion company. Stephen is the president of Old Navy, the low-price clothes brand owned by Gap Inc. Ralph Lauren, 76 years of age plans to carry on his duties as the chief designer for the label. The news caused Ralph Lauren’s shares to rise 3.9% in post-trading hours. Shares in Gap fell by 3.4%.
The company which is well-known for its polo shirts, has expanded from selling clothes into the restaurant trade in recent 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.
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