Mr. Lauren told WWD, “This is important to say: There is no toe in the water…I won’t be coming in two days a week, ” wanting to make clear that he is not retiring but only relieving part of his duties to Larsson. He will be replaced by Stefan Larsson in November.
Lauren, whose brand is known for its understated “preppy” look, is the 74th richest American with a net worth of $6.2bn, according to Forbes.
The former H&M executive has run Gap’s Old Navy, a family brand which produces low cost clothes, for the past three years. Nemerov joined Ralph Lauren in September 2004 as an executive vice president.
Ralph Lauren is handing off his title as CEO of the fashion and home decor empire that he founded almost 50 years ago.
Cantor Fitzgerald’s Laura Champine also sees the departure as a blow to Gap, saying Larsson was the retailer’s strongest leader and a top candidate to lead the company given his previous retail experience with H&M and his relatively young age.
This transition is amid financial difficulties the company has faced in recent years. Following the news, it was revived by 4.7%. Peck said he doesn’t expect Larsson’s departure to delay the progress the Gap and Banana Republic brands have made in implementing Old Navy’s operating model.
“My job is to think always about the future of our company and how to move it forward”.
In an interview published Tuesday afternoon on The New York Times website, Lauren, 75, said his relationship with the new CEO would be a “partnership”.
Lauren said in a statement: “We have had tremendous success expanding the Ralph Lauren brands around the world and creating a great management team”. Stanton is now executive vice president of global product at Old Navy.
“The biggest concern is that he’s been orchestrating the entire turnaround at Old Navy, and without him it’s going to fall into the same rut as the Gap”, Siegel said. She’s been with the company for four years and has been a VP of global apparel for Nike.
Polo Ralph Lauren Corporation (NYSE:RL) traded up 12.17% on 30 September, hitting $116.71.