Ralph Lau­ren to step down as CEO, Ste­fan Lars­son is named his suc­ces­sor

The China Post - - WORLD BUSINESS -

Ralph Lau­ren is step­ping down as CEO of the fash­ion and home decor em­pire that he founded nearly 50 years ago.

The New York-based com­pany an­nounced Tues­day that Ste­fan Lars­son, who has been the global pres­i­dent of Gap’s low-price Old Navy chain for three years, will suc­ceed him. The change will be ef­fec­tive in Novem­ber, and Lars­son will re­port to Lau­ren who will con­tinue to drive the com­pany’s vi­sion and strat­egy as ex­ec­u­tive chair­man and chief cre­ative of­fi­cer.

As global pres­i­dent of Old Navy for three years, Lars­son has re­made the busi­ness to be a bright spot in Gap’s port­fo­lio. Prior to his ten­ure at Old Navy, Lars­son was part of an ex­ec­u­tive team at Swedish cheap chic fash­ion chain H&M for 15 years that in­creased an­nual rev­enue from US$3 bil­lion to US$17 bil­lion. Dur­ing that time, H&M’s oper­a­tions grew to 44 coun­tries from 12.

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