Ralph Lauren steps down

 

 

Ralph Lauren, the American premium designer who built a fashion empire based on people’s fantasies about country-club and the Wild West is stepping down from his post as Chief executive of the company.

Taking the helm at Ralph Lauren is Stefan Larsson, a former H&M executive and president of  Gap’s Old Navy.

Ralph Lauren known for its Polo brand, topped analyst estimates in the latest quarterly earning of $1.09 a share, but revenue dipped 5.3 per cent on a year-on-year basis pressured by a strong dollar and intense competition.

Ralph Lauren (75),  said in a recent interview “ When they start designing things I can’t understand, I’ll quit”.

Ralph Lauren’s most recent show at New York Fashion Week was Americans in Biarritz, with his designer and signature perfect leather tailoring, blue and white evening gowns, a typical luxury pyramid structure, the model for both Calvin Klein and Michael Kors.

Stefan Larsson and Ralph Lauren met for a private dinner in New York and soon hit it off.

“I interviewed lots of people who were in luxury. But Stefan has a great quality that made me say:” You can be my new CEO, he said. “He’s unique as a man, a man who’s capable of building businesses and growing companies, but at the same time sensitive to people’s feelings”. “If I thought there was nothing I could learn from Stefan,” Mr. Lauren said,  “he would not be here.”