- Don-Alvin Adegeest |
When Ralph Lauren announced in September 2015 he was stepping down from his company and handing the reigns to former Old Navy and H&M veteran Stefan Larsson, nobody foresaw the mutual love affair would fizzle out so soon.
At the time Larsson was tasked with honing a brand stretched by profligate licensing agreements and more polo-logo'd merchandise than is considered respectably chic.
When Larsson was appointed, profits were down 10 percent
Back then, growth at Ralph Lauren had cooled and profits nosedived 10 percent. Perhaps time for its founder to take a step back after helming the company for over four decades. “My job is to think always about the future of our company and how to move it forward. Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective," Ralph Lauren himself said in statement.
Less than one and a half years later the company announced Larsson will leave the company on May 1st, after mutually deciding to part ways following disagreements over its turnaround strategy.
“Stefan and I share a love and respect for the DNA of this great brand, and we both recognise the need to evolve,” said Ralph Lauren, the founder, executive chairman and chief creative officer of the company.
“However, we have found that we have different views on how to evolve the creative and consumer-facing parts of the business. After many conversations with one another, and our Board of Directors, we have agreed to part ways. I am grateful for what Stefan has contributed during his time with us, setting us in the right direction,” he said in a statement.
According to the Business of Fashion Lauren said the company was committed to moving the business forward, following the actions it has taken over the past few years to strengthen its team, refocus its brands and marketing and reducing its costs.