The designer Ralph Lauren is to step down as the head of the luxury fashion company he founded nearly 50 years ago.
He will be replaced as chief executive in November by Stefan Larsson, president of Old Navy, the low-price clothes brand owned by Gap Inc, the BBC reports.
Mr. Lauren, who turns 76 in October, plans to stay on as the chief designer for the label. The news caused Ralph Lauren’s shares to rise 3.9 per cent in post-trading hours. Shares in Gap fell by 3.4 per cent. Speaking of his replacement, Mr. Lauren said: “He understands what dreams are. In this business, it’s about dreams because you are dreaming ahead and you’re about progress and change and newness.” Read more