Ralph Lauren is stepping down from his post as CEO of Ralph Lauren Corporation and has appointed Stefan Larsson, one of the most successful executives in the fashion industry, as his replacement, according to a press release issued by the company.
Lauren will continue to lead the company as its executive chairman and chief creative officer.
Lauren said in the press release that appointing Larsson will bring "a fresh and exciting global perspective" to the company.
"Stefan and I have a strong personal bond and share a vision for the future of Ralph Lauren," he said. "I appreciate Stefan's unique sensibility, his honesty, and his authenticity."
He added in the press release that his job is to "think always about the future" of the company and "how to move it forward."
"We have had tremendous success expanding the Ralph Lauren brands around the world and creating a great management team," he said. "Now, all the pieces are in place to position our business for continued growth."
Ralph Lauren Corporation indicated in the press release that the company has already implemented a new global brand management organizational structure.
The company also mentioned that they have also expanded their omnichannel presence in order to reach new customers.
Ralph Lauren Corporation has made important investments in mobile and e-commerce as well, according to the press release.
The new investments will help build on the company's track record of innovation and leadership in technology.
The New York Times adds that the move of Ralph Lauren is seen as Lauren's way of getting the company's financial house in order.
The company's earnings in the upscale apparel have been under pressure from a strong dollar and intense competition in the luxury market.
The New York Times reported that Ralph Lauren's latest quarterly revenue has dipped by 5.3 percent on a year-over-year basis.
The company's share prices have also gone down by almost half this year.
Larsson's appointment becomes effective in November and he will be reporting to Lauren, according to the press release.
He will also be joining the Ralph Lauren Corporation board once his appointment becomes effective.
