Ralph Lauren steps down as CEO of fashion label he founded nearly 50 years ago

By City & Finance Reporter for the Daily Mail

Published: 16:01 EST, 30 September 2015 | Updated: 16:01 EST, 30 September 2015

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Ralph Lauren is stepping down as CEO of his namesake fashion brand

Ralph Lauren, founder of the eponymous preppy American fashion label, is stepping down from his role as chief executive.

Lauren, 75, will still be exec-utive chairman and head its design team but has handed the chief executive’s job to Stefan Larsson, the global president of Gap’s Old Navy division.

Larsson starts in November.

The brand, famous for its country club polo shirts, started as a tie firm before expanding into other products and now has 25 labels including Polo and Club Monaco and is listed on New York’s stock exchange.

Lauren said: ‘My job is to think always about the future of our company and how to move it forward.

'Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective.’