Ralph Lauren steps down as CEO after 48 years

Stefan Larsson, a former H&M executive who has been the president of Gap-owned Old Navy since 2012, will succeed him in November, the Ralph Lauren Corporation announced Tuesday.

After his spring ’16 fashion show on September 17, iconic American designer Ralph Lauren was rewarded with a room full of applause as he walked the runway, waving to fans and hugging friends.

Fashion designer Ralph Lauren stepped down from the CEO position of his company Tuesday.

A major move such as this always signals an exciting change for a brand; we wonder what Larsson will bring to Ralf Lauren?

Lauren has served as the CEO since he founded the company in 1967 and has expressed that this is not an indication that he will be retiring.

The company attributed this to the impact of the stronger dollar, which hurts US companies that do a lot of business overseas. When the Great Recession hit, Ralph Lauren was one of the many retailers that lowered its prices in an effort to maintain sales.

As global president of Old Navy for three years, Larsson, has remade the business to be a bright spot in Gap’s portfolio, the AP said. Dreams and realizing 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. Sales past year rose 2.3 percent to $7.62 billion.

In the past two years, the company has added three new brands – Polo for Women, Polo Sport and Denim and Supply.

Gap announced that Jill Stanton, executive vice president of global product at Old Navy, will step in as interim global president.

“I am thrilled to have the opportunity to work directly and collaboratively with a fashion giant like Ralph Lauren“, Larsson said in a statement.

Larsson will join the board and take on his new role as chief executive in November. Gap’s shares slipped 3 percent, or 92 cents, to $29.30 in after-hours trading, after closing up 9 cents to $30.22.