Fashion Designer, Ralph Lauren Steps Down As Chief Executive Of His Company ~ BimzTheory

Fashion Designer, Ralph Lauren Steps Down As Chief Executive Of His Company

Almost 50 years after starting up his luxurious fashion company, designer, Ralph Lauren is stepping down as Chief Executive and handing over to Stefan Larsson.

The 76 year old says this is to bring the company a fresh and exciting global perspective as Stefan is exceptionally talented as he helped grow Swedish brand H&M's global operations from 12 to 44 countries and its sales from $3 Billion to $17 Billion during his 15 years of working in them.

Ralph Lauren who changed his birth name from Lifshitz at the age of 16, launched his first retail store, Polo Ralph Lauren, in 1971 and Forbes lists his net worth at $6 Billion.

Today, the Ralph Lauren company has more than 300 Polo Ralph stores across the world, including brands like Ralph Lauren Childrenswear, Lauren by Ralph Lauren, American Living, Chaps and Club Monaco. It also has a contract to outfit U.S. Olympic athletes through 2020.

Meanwhile, Stefan Larsson, who is the president of the Gap-owned budget chain, Old Navy will report to the designer who will continue to oversee the company's creative look and strategy.

PHOTO CREDIT
REUTERS