Just yesterday, Ralph Lauren stepped down as CEO of his fashion empire, to be replaced by Old Navy former global president Stefan Larsson. Lauren will become his company’s executive chairman and chief creative officer – Larsson will report to him.
This comes after slow growth in recent years, attributed primarily to a stronger dollar (33% of Ralph Lauren Corp.’s sales happen overseas). But even then, the company’s performance has greatly slowed from its heydays in the 90’s and 00’s. When news of Lauren’s replacement broke out, shares rose nearly 5%.
To his credit, Larsson helped grow H&M’s operations from 12 countries to 44 in his 15 years with the company. He was also instrumental in growing its annual sales from $3 billion to $17 billion. It’s going to be exciting to see whether he can turn around a brand as huge and iconic as Ralph Lauren Corp.
