Ralph Lauren steps down as CEO
Mr Lauren, who got his start designing neckties, plans to stay active at the company and Mr Larsson will report to him. I love what I’m doing, I love the company…
Given Larsson’s track record in “fast fashion”, the question is whether the company, which has invested in bolstering its luxury image, will now take a different tack. At an investor meeting in June, Gap chief executive Art Peck described Old Navy as “proof point” that the company is capable of creating better, more stylish clothes.
“Mr. Lauren will still be the creative force, but Mr. Larsson will take the reins”.
Lauren’s success personifies the American Dream.
With the management transition, Ralph Lauren is likely hoping to turn around its flagging financial performance, but also to appeal to broaden its appeal beyond the wealthy male shoppers who have traditionally sustained its brand. Net income slipped almost 10 percent in the latest fiscal year.
The company’s current focus includes expanding its luxury products and investing in e-commerce and mobile technology. For 15 years, Larsson has held a number of jobs at H&M, and he will be reporting to Lauren.Lauren described his and Larsson’s relationship as a partnership.
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Leaving behind a post as Old Navy’s global president, Larsson is well-equipped for his new role at Ralph Lauren.
“Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective”, Lauren said in a statement.
The company also announced that Jackwyn Nemerov, president and chief operating officer, will retire in November, at which time she will become an advisor to the company.
Lauren said that consumers are even more interested in high-quality clothing as people have a lot of clothes. What’s selling is specialness, quality and uniqueness.