, announced Tuesday that he will step down as chief executive officer from the corporation
that bears his name.
The American designer named Stefan Larsson, the global president of Gap division Old Navy, to succeed him in the post at Ralph Lauren Corp in November. Lauren will continue to serve as executive chairman and chief creative officer, the company said in a statement. Born Ralph Lifshitz, Lauren, 76 is the son of Jewish immigrant parents from Belarus and grew up in the Bronx borough of New York City. He founded the company in 1967, beginning with a line of Polo neckties and which now includes some 25 brands including Polo, Club Monaco and Denim & Supply, and the company makes clothing, accessories, furniture, home decor items and footwear under its labels.Lauren holds more than 81 percent of its common stock.
Larsson, a Swede spent 15 years at Swedish retailer Hennes & Mauritz as head of sales and brings experience of managing a fast fashion business with a supply chains considered to be among the most efficient within the apparel industry. He is credited with restoring Old Navy's fortunes and turning it into Gap's largest brand, accounting for $6.6bn of the group's $16.4bn in revenues in its latest fiscal year. Ralph Lauren shares rose 3.79 percent to $108 in trading after the bell. Gap shares fell 3 percent to $29.30.