Okay so maybe my title was little misleading, Ralph is not leaving Ralph Lauren but he is taking a step down from the CEO position of his fashion empire. The news was released Tuesday and Ralph Lauren Corporation published a statement saying that Stefan Larsson will take over in November. Larsson is no stranger to the fashion business. He's held various jobs at H&M for 15 years, until taking over as the global president of Old Navy, where he credited for adding $1 billion in sales.
"My job is to think always about the future of our company and how to move it forward," said Lauren, who turns 76 next month. "Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective."
The Ralph Lauren Corporation includes 15 brands, including Club Monaco, Denim & Supply, American Living, Chaps and RLX. The main goal of this reappointment is part of a business plan to insure each labels growth and success. When asked on how he felt about stepping back on the company he built over 50 years ago Ralph stated, "My job is to think always about the future of our company and how to move it forward," said Lauren, who turns 76 in October. "Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective." He also joked about the changing trends of the fashion industry and once we start designing stuff that he doesn't understand he will quit (ha)! Ralph will still be CCO of the Ralph Lauren Corporation and Larsson will report to him.
There is definitely a coming to end with different post-war designers leaving their empires in slightly younger hands. I am not too sad about this slight change in power because Ralph Lauren is a smart man. He understands that he needs additional insight in order to keep up the reputation and vigor of his brands and is not too prideful to realize it. I actually knew that something was up with his appearance at this past years New York Fashion Week for men and other collections. Almost like this decision may have been in the play for a while and Lauren wanted to make sure he went out on the right beat!
How do you feel about Lauren stepping down from CEO? Do you think this will hurt or help the brand? How much do you expect the brand to change with this new appointment?
, by The Strong Suit