New boss for Ralph Lauren

RALPH Lauren has found a new chief executive after its previous boss made a shock departure following a row with its 77-yearold founder.

Patrice Louvet, 52, will step into the post in July, two months after the exit of Stefan Larsson, who announced he was leaving after just a year in the role.

Larsson had grand plans to slash jobs, close stores and shake up the management, as well as speed up the supply chains. But his methods clashed with Lauren’s focus on design, quality and client relationships.

Now Louvet, former group president of beauty at Procter & Gamble, will join the luxury fashion brand as his replace- ment. Lauren, who is executive chairman and chief creative officer, said: ‘Finding the right partner to work with me to take us forward in our evolution has been my primary focus over the last several months, and I am thrilled that Patrice is joining.’

French-born Louvet spent 25 years at P&G, after serving a spell as an officer in the French navy.

He will collect £ 960,000 in basic salary when he joins the company, and he could earn a bonus of £2.9m and equity grants of £5.8m depending on his performance. He will also receive sign-on awards, which will be worth about £9.7m this year. Louvet said: ‘Ralph is one of the world’s greatest fashion icons and someone I have admired for many years, and it’s an incredible opportunity to partner with him to continue to build on 50 years of heritage and innovation.’