Designer Ralph Lauren has announced his intention to step down as chief executive of his eponymous luxury fashion empire after 50 years at the helm. He will be replace in November by Stefan Larsson, former H&M executive and president of Gap’s Old Navy brand.
Mr Lauren said that he will remain with the company, which generated $7.5 billion (£5 billion) of sales last year, as chief designer.
Mr. Larsson spent 15 years at H&M before joining Old Navy and oversaw the company’s global expansion into a fast-fashion empire. Last year, Old Navy took in nearly $6 billion in sales in the United States, making up nearly 40% of Gap Inc.’s global revenue
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