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article imageRalph Lauren steps down as CEO of fashion empire he founded

By Owen Weldon     Sep 29, 2015 in Business
On Tuesday, Ralph Lauren stepped down as the CEO of the fashion empire he founded. He will be replaced by Stefan Larsson, the former global president of Old Navy.
Larsson will be replacing Lauren as the CEO of Ralph Lauren Corp. in November. As for Lauren, he will become the company's executive chairman and chief creative officer.
Lauren, 75, said his job is to always think about the company's future and how to move it forward. He added that Larsson is talented and he will bring the company a fresh and exciting global perspective.
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. He also said that he will quit when they start designing things he can't understand.
The news comes just as the company has been focusing on expanding its luxury business, as well as creating a larger online presence. Over the last couple of years, Ralph Lauren has added three new brands, with one of them being Polo for Women. The other two brands include Polo Sport and Denim and Supply.
After working at H&M for 15 years, Larsson went onto become the global president of Old Navy. During his time at H&M, the company's annual revenue increased from $3 billion to $17 billion, and H&M operations grew from 12 countries to 44 countries.
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