5 hours ago | By Sandy Chu
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Sep 30, 2015
By WGSN Insider
Quite an endorsement for the man and the brand. Old Navy’s global president Stefan Larsson has been named the new chief executive of Ralph Lauren Corp, setting in motion a succession plan for a near-50-year-old dynasty.
Ralph Lauren announced he is stepping down as CEO of the fashion and lifestyle empire he founded. Larsson will take over in November, reporting to Lauren who will remain as executive chairman and chief creative officer.
“My job is to think always about the future of our company and how to move it forward,” Ralph Lauren said. “Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective.”
As global president of Old Navy for three years, Larsson turned the brand into the bright spot in Gap’s portfolio, adding $1bn in sales. Prior to Old Navy, Larsson was part of an executive team at H&M for 15 years when sales grew from $3bn to $17bn and ops expanded from 12 to 44 countries.
Lauren also announced Jackwyn Nemerov, president and COO, will retire in November, becoming a company adviser.
Ralph Lauren, which generated sales of $7.5bn in the latest fiscal year March 28, has been expanding its luxury business and online presence. In the past two years, the company has added three new brands — Polo for Women, Polo Sport and Denim and Supply.
Meanwhile, Gap Inc also announced Jill Stanton would lead Old Navy in the interim while it searches for a permanent replacement. Stanton is currently executive vice-president of global product at Old Navy.
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