timeline of marco polo Ralph Lauren gets new chief executive
Designer Ralph Lauren, who pioneered a luxury lifestyle look, has stepped down as chief executive of the fashion company he founded nearly 50 years ago.
Mr Lauren has given the role to Stefan Larsson, the president of the Gap owned budget chain, Old Navy.
Speaking of his replacement, Mr Lauren said: “He understands what dreams are. In this business, it’s about dreams because you are dreaming ahead and you’re about progress and change and newness.”
Ralph Lauren’s shares rose more than 11% on Wednesday following Tuesday’s announcement.
Odeon Capital analyst Rick Snyder said the change in chief executive was “positive” and “just a natural progression.”
He thinks Mr Larsson’s background will help the Ralph Lauren brand to reorganise and create greater efficiencies in their supply chain.
Lauren’s fashion empire includes some 25 brands including Polo, Club Monaco and Denim Supply. The company makes clothing, accessories, furniture, home decor items and footwear under its labels. The BBC is not responsible for the content of external sites. Read about our approach to external linking.