Ralph Lauren has stepped down as the CEO of the company he founded, enlisting Stefan Larsson to replace him the position. Larsson - who comes from Old Navy, where he has been global president since 2012 - will be CEO while Lauren will remain executive chairman and chief creative officer. No one other than Lauren has ever held the position in the company's 50-year existence.
"Stefan brings something special," Lauren told WWD."Stefan has the sensitivity of design and of building a business and growing companies. That's rare in our business. Usually, it's one or the other," adding that this change won't be a softly softly transition - for Lauren semi-retirement as CEO isn't an option: "This is important to say: There is no toe in the water. I won't be coming in two days a week."
"I had dinner with Ralph, the most iconic American fashion designer," Larsson explained. "Our meeting had a big impact on me; I think we started speaking dreams minutes into the dinner. Dreams and realising that Ralph has made more in his life so far than anybody can ever dream of and here he is, speaking about growing the business, speaking about generations, speaking about stories. And I was just moved by that."
Lauren's son David is already involved in the company, sitting on the board and acting as executive vice president, and added that he was looking forward to working with his father's chosen CEO: "His commitment and passion to build great brands will be invaluable as we move into the future."
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