Published on : Sep 30, 2015
Ralph Lauren, the legendary designer is handing off his CEO title of the fashion and home décor enterprise that he founded almost 50 years ago.
Recently, the New-York based company made an announcement that Stefan Larsson, who is the global head of Old Navy, which Gap’s low-price apparel chain, will take over the position left by Lauren.
The change is expected to come into effect in November, and according to the changing organizational structure, Lauren will continue to guide the company for strategies as chief creative officer and executive chairman.
Larsson, who is the global president of Old Navy for the last three years, has been instrumental to make the business into a bright spot in portfolio of Gap. Prior to this, Larsson was a part of the executive team at H&M for 15 years, the Swedish fashion chain for cheap and chic apparel. Larsson’s efforts made the total revenue of H&M increase from US$3 bn to US$17 bn during his tenure with the company. Also, during his tenure H&M’s operations grew from 12 to 44 countries.
In an interview conducted with Lauren at his plush Manhattan office, the 75 year old designer stresses upon that he was not stepping down due to his age, but he envisions Larsson to be instrumental to spearhead the company for future growth.
Lauren also said that he would be attached with the brand always. He further added that Stefan was joining the company as he is looked upon as an interesting addition to the company.
Lauren was asked if he chose Stefan because of his success in fast fashion, the veteran designer replied that Stefan is a good businessman and that the two shred common vision. Lauren further added that he was looking for the right person to take over as the CEO, for which the two connected over dinner and subsequent meetings