Ralph Lauren, creator, designer and chief executive of his very own Fashion Empire, is stepping down from his post. Steffan Larsson, one of the most visible executives in the retail industry, will be taking over Ralph Lauren's post.
New York Times shared that Ralph Lauren did this drastic move to put the company's financial aspect in order. Polo, one of the company's brands, was experiencing pressure due to intense competition in the field of luxury, battling other brands.
The company's share price is said to have went down almost half this year. Ralph Lauren, 75, will still remain active and very much in contact with his partner, Steffan Larsson, for the progress and other related issues that needs to be discussed about the company.
Steffan Larsson, on the other hand, has made some retail brands shine through the years. The new Fashion Empire CEO has helped H&M grow its global operations from 12 to now 44 countries. The exceptionally talented retailer has increased the said clothing brand's sales from $3 billion to $17 billion during his time, CNN Money featured.
In line with Steffan Larsson's abilities to increase sales and strengthen the brand, his job now is to change the game for the Ralph Lauren company after its 5.3% revenue drop from June 2014 to June 2015.
Moreover, Ralph Lauren will still continue to be in complete control of the creative side of the brand while Steffan Larsson will be on the operating side. The new CEO has said that everything is in its place for the brand to continue to grow. Steffan Larsson will be reporting on duty as CEO this coming November 2015, E! Online cited.
Ralph Lauren will not be completely faded out from the Fashion Empire and will still be around to oversee the overall creative execution of their designs. Steffan Larsson is also expected to bring the company back on track as one of the strongest competing luxury apparel brands in the market.
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