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Ralph Lauren has officially stepped down as CEO of his eponymous fashion retail and lifestyle empire.
The iconic designer who successfully turned his New York based brand into a successful global brand revealed yesterday 29th September 2015 that he was stepping down CEO of the brand and has already announced a new replacement as former executive at H&M, and current president of Old NavyStefan Larsson.
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The move was necessary to for Ralph Lauren to "consolidate its finances, as the multiple Ralph Lauren-associated brands struggle against a strong dollar, greater luxury-level competition, and a falling share price" according to TimeMagazine.
Lauren revealed to Time that he "doesn't feel like he's stepping back now," but will quit "when they start designing things I can’t understand."
Ralph Lauren will still be involved in the creative process of the brand. Larsson is expected to step into his new role as CEO later this November.
Born to Ashkenazi Jewish parents from the Soviet Union (Belarus) as Ralph Lifshitz in 1939 he later changed his name to Ralph Lauren.