AP
The famous American fashion designer and founder of his own fashion house Ralph Lauren leaves his CEO position. According to the report of Ralph Lauren Corporation, his post will be taken by the president of the popular clothing retailer Old Navy Stefan Larsson in November this year. At the same time, Mr. Lauren himself will retain the post of chief designer and chairman of the board and will be responsible for the formation of strategic development of the company.
Ralph Lauren founded the company in 1967. Then he opened his first shop where he started selling neckties under the brand Polo, previously designed by his own. Later, he managed to open several more stores, and in 1968, he released his first collection of women's clothing Ralph Lauren Women's Wear. Over the years, his company has grown into an empire of fashionable clothes, accessories, cosmetics and household goods. At the end of the last fiscal year ended in March, Ralph Lauren’s sales and profits began to decline. As a result, shares of the corporation began rapidly falling in price. Compared with the beginning of this year, they have already depreciated by 44%, reducing the company's market capitalization of almost $ 5 billion. Perhaps this has pushed the permanent head of the fashion house to take a decision on retirement from his position as CEO. However, Mr. Lauren himself said that he has been pondering his resignation for several years.
Stefan Larsson, tasked to continue the work of Ralph Lauren, is currently the president of the retailer Old Navy, owned by US corporation Gap. Mr. Larsson headed Old Navy in 2012, having significantly increased the company's sales. Before that, he worked in Sweden's Hennes & Mauritz for 15 years, where also served at one of the leading positions. During this period, the sales of H&M rose from $ 3 billion to $ 15 billion, and the company expanded the geography of its operations from 12 to 44 countries.
Commenting on the appointment of Mr. Larsson, Ralph Lauren said: "My job is to think about the future of the company and how to move it forward. Stefan Larsson - an exceptionally talented man and he brings a new perspective to our company. We have been industry leaders for nearly 50 years and this is just the beginning."
Ralph Lauren founded the company in 1967. Then he opened his first shop where he started selling neckties under the brand Polo, previously designed by his own. Later, he managed to open several more stores, and in 1968, he released his first collection of women's clothing Ralph Lauren Women's Wear. Over the years, his company has grown into an empire of fashionable clothes, accessories, cosmetics and household goods. At the end of the last fiscal year ended in March, Ralph Lauren’s sales and profits began to decline. As a result, shares of the corporation began rapidly falling in price. Compared with the beginning of this year, they have already depreciated by 44%, reducing the company's market capitalization of almost $ 5 billion. Perhaps this has pushed the permanent head of the fashion house to take a decision on retirement from his position as CEO. However, Mr. Lauren himself said that he has been pondering his resignation for several years.
Stefan Larsson, tasked to continue the work of Ralph Lauren, is currently the president of the retailer Old Navy, owned by US corporation Gap. Mr. Larsson headed Old Navy in 2012, having significantly increased the company's sales. Before that, he worked in Sweden's Hennes & Mauritz for 15 years, where also served at one of the leading positions. During this period, the sales of H&M rose from $ 3 billion to $ 15 billion, and the company expanded the geography of its operations from 12 to 44 countries.
Commenting on the appointment of Mr. Larsson, Ralph Lauren said: "My job is to think about the future of the company and how to move it forward. Stefan Larsson - an exceptionally talented man and he brings a new perspective to our company. We have been industry leaders for nearly 50 years and this is just the beginning."
