According to reports, Larsson will report to Lauren, who will have a seat on the board of directors. The company has also been beefing up its online presence.
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These new, creative minds in the USA industry, including Larsson, are now tasked with taking sartorial dreams of the quintessentially American past and modernizing them for the new American audience whose image is not so simple anymore.
Lauren is not the only one who is deciding to step down in the iconic fashion company: Jackwyn Nemerov, now president and chief operating officer, will retire also and become an adviser to the company. Gap’s shares slipped 3 percent, or 92 cents, to $29.30 in after-hours trading, after closing up 9 cents to $30.22.
Born in the Bronx in New York City to Jewish immigrant parents, Lauren began designing men’s neckties under the Polo brand in 1967.
At 75-years-old, it’s no surprise Ralph Lauren needs a break!
“I am thrilled to have the opportunity to work directly and collaboratively with a fashion giant like Ralph Lauren“, Larsson said.
Mr. Lauren remains the single largest shareholder, with voting power of more than 81% of the common stock.
Are you surprised by the news? He clarified to Reuters he is staying active in the company and that Larsson will still be reporting directly to him.
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The shuffling of jobs will likely be seen as the company setting its finances in order to meet stiff competition from other luxury brands. “They need executives with skills the luxury industry doesn’t necessarily have such as an expertise in global distribution or digital marketing”. But since he took over in 2012 as the global brand president, Old Navy’s style has drastically improved, and so have its profits. For years, Gap was the powerhouse at Gap, Inc., while Old Navy was its less expensive little brother. But Larsson is rather accomplished; he worked with Old Navy throughout its massive resurgence.
