At 75-years-old, it’s no surprise Ralph Lauren needs a break!
On Tuesday, the famed designer announced his resignation as CEO at Ralph Lauren, a company he conceptualized as early as 1967 when he produced the first iconic “Polo” necktie and then officially founded in 1997 after opening a string of popular stores.
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Obviously, Lauren has been a major fixture on the fashion scene ever since, earning his place as a household name and eventually securing a major net worth of $6.5 billion.
So, who will take over Ralph’s spot?
The designer has seceded his throne to Stefan Larsson, a former H&M executive and president of Old Navy. Mr. Larsson has often been praised for melding the gap between affordability and high fashion, a necessary skill to reach target demographics like the middle class.
Despite R.L.’s departure from CEO, the father revealed that he intends to remain active with the company as executive chairman and chief creative officer.
The fashion mogul added:
“When they start designing things I can’t understand, I’ll quit. But I don’t feel like I’m stepping back now.”
We’re glad to hear Ralph intends to stick around! We can’t wait to see how this “partnership” turns out!
[Image via AP Images.]
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