Sep 29, 2015 Ralph Lauren is giving the fashion empire he founded almost five decades ago a makeover – by stepping down as chief executive. He will hand control of the company, best known for its colourful polo shirts and preppy advertising campaigns, to a Gap executive in November. Stefan Larsson has been running Old Navy, Gap’s budget brand, for the past three years. Annual sales at Old Navy rose 8% last year and it overtook Gap to become the company’s biggest business with sales of $6.6bn - just over 40% of the company’s total. Before joining Gap, Larsson worked for Sweden’s H&M for 15 years, during a period of rapid global expansion. Describing Larsson as “exceptionally talented”, Lauren said the new boss would bring a fresh perspective: “Stefan and I have a strong personal bond and share a vision for the future of Ralph Lauren. I appreciate Stefan’s unique sensibility, his honesty and his authenticity.” Larsson said the company had “tremendous potential” to continue expanding globally as it sought to appeal to a broader range of consumers. However, Lauren is not going too far: he will remain with the company as executive chairman and chief creative officer. Chief operating officer Jackwyn Nemerov will also depart in November and become an adviser. The reshuffle follows a near-40% slide in Ralph Lauren shares over the past year to $104.12, leaving the company worth $9.2bn (£6bn). Net profit for the 12 months to March also fell $74m to $702m, despite a $170m rise in net sales to $7.45bn. In a bid to increase sales, Ralph Lauren has added three new brands, including Polo for Women and Polo Sport, as well as expanded both its luxury business and online operations. The company owns 466 stores, including the Club Monaco brand and Polo factory outlets, as well as 536 department store concessions. Born Ralph Lifshitz to Jewish immigrants from Belarus in the Bronx in 1939, Lauren changed his last name at the age of 16. He began his fashion career designing ties in 1967, with the Ralph Lauren polo shirt bearing the familiar logo following five years later. Lauren was responsible for the wardrobe in the 1974 film version of The Great Gatsby, dressing Robert Redford in a pink suit. Since the 1980s, the company’s advertising campaigns have portrayed a stylish, well-bred and wealthy version of American life that has found favour with aspirational consumers in the US and beyond. http://www.theguardian.com/fashion/2015/sep/29/ralph-lauren-steps-down-ceo-stefan-larsson-old-navy
Sep 29, 2015 this makes me a bit worried.. article says he'll still be chief creative officer so that's good news I guess actually now that I think about it, nothing's really changing clothing-wise I dont think. being CEO is tough so he prolly just tryna kick back now.
