Ralph Lauren To Quit As Fashion Label\'s Boss
Stefan Larsson, president of Gap)
The Old Navy of price chain took over as CEO. The 75-year-
However, the veteran will still play an important role in the company and continue to serve as chairman and design director.
\"I\'m here, I\'m not leaving,\" Lauren said . \".
\"Stefan came to the company because I believe he will be an interesting addition.
\"He understands what dreams are,\" Lauren added . \".
After years of growth, the company\'s stock has fallen 44% this year due to weak sales.
Larsson, a retail veteran who has served as general manager of Nike\'s global apparel, will take over in November to revive Nike.
The two said they wanted to expand sales in China and other places, while increasing internet sales.
The Ralph Lauren brand began in 1967, selling ties first before expanding to men\'s and women\'s wear.
The company\'s signature shirt
Logo with polo player-
First released in 1972.
Lauren\'s success embodies the American dream.
In 1939, Ralph Lifshitz was born in Bronx and was a Jewish immigrant from Belarus.
He changed his name to Lauren when he was 16.
His empire eventually developed to include accessories, perfumes, home decor, footwear and even restaurants.
The company has 467 stores and 558 franchise stores.