Ralph Lauren Steps Down as CEO of Iconic Fashion Brand

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Ralph Lauren, the celebrity designer who has defined American fashion for decades, is leaving his role as CEO of the company he founded 48 years ago. Stefan Larsson, a former H&M executive and president of the Old Navy at Gap, will replace Lauren.

Lauren, 75, told the New York Times he plans to remain active in the company as executive chairman and chief creative officer. His move away from the longtime role comes following a rocky year for the apparel company: revenue dropped 5.3% year-over-year, and the company’s share price has fallen about 44% this year.

Larsson, a veteran of retailer H&M, took over Old Navy in 2012 and is credited with reviving the chain. Even as Gap sales have slumped, Larsson managed to bolster the Old Navy brand. Larsson will join the board and take on his new role as chief executive in November.

Ralph Lauren joins a handful of other American fashion houses going through a changeover. Earlier this year, Donna Karen stepped down from the company that she founded. Oscar de La Renta left his namesake in 2014 before he died. And Calvin Klein left his company in 2002.

Ralph Lauren encompass more than 20 brands, including its Polo Ralph Lauren line. Lauren popularized both a Western cowboy aesthetic (red-white-and-blue color schemes, leather boots) and the preppy country club look (cable sweaters, the iconic polo logo) throughout his reign over he company. In recent years, the company has focused on the luxury aspect of its brand with international customers as their main target. They recently hired St. Laurent’s Valerie Hermann to make luxury a separate unit in their business.

[NYT]

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Diane Keaton, wearing Ralph Lauren's design, and Woody Allen in the 1997 film, Annie Hall.United Artists
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Johnny Depp wearing a Ralph Lauren designed outfit at the world premiere of The Lone Ranger on June 22, 2013 in Anaheim, Calif.Jeffrey Mayer—WireImage/Getty Images
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(L-R)Figure Skating Oympic Athlete Evan Lysacek, Ice Hockey Oympic Athlete Julie Chu, Ice Dancers Oympic Athlete Meryl Davis and Charlie White model the Olympic closing ceremony outfits by Ralph Lauren on Oct. 29, 2013 in New York City.Mike Stobe—Getty Images
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Lupita Nyong'o attends the 71st Annual Golden Globe Awards on Jan. 12, 2014 in Los Angeles.George Pimentel—WireImage/Getty Images
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Emma Watson at The Royal Marsden dinner on May 13, 214 in Windsor, England.Chris Jackson—Getty Images
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A projection on water at the Polo Ralph Lauren Spring Summer 2015 fashion show during New York Fashion Week on Sept. 8, 2014 in New York City.Getty Images

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Write to Eliana Dockterman at eliana.dockterman@time.com