75-year-old fashion designer Ralph Lauren steps down as a CEO of his company. Vogue reports that, however, Lauren will stay on the board as executive chairman and chief creative officer.
Stefan Larsson will replace Lauren as CEO who is a present CEO of clothing brand Old Navy. “I am here, and I am not leaving,” said Lauren. “Stefan is coming to the company because I really believe he’s going to be an interesting addition” News.com.au reports.
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Lauren started his company in 1966 from scratches which today generates $7 billion a year. His vast empire includes women's, men's and children's clothing, home decor, accessories and even restaurants.
However, in recent years company's revenue dropped by 5.3 per cent and this year company's share price has decreased by almost half. By bringing Larsson in, Lauren hopes to reorganise his financial house. Larsson is credited with restoring Old Navy's fortunes and turning it into Gap's Largest brand which accounts for $6.6bn of the group's $16.4bn in revenues in its latest fiscal year.
Nevertheless, this change will be effective in November, and Larsson will report to Lauren who said that he is not slowing down but sees Larsson, 41, as a partner as the company spearheads future sales growth.
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