Bedford Resident Ralph Lauren Steps Down from His Namesake Company

Ralph Lauren, arguably the king of upscale American fashion, is stepping down as CEO of his namesake company, effective in November, reports The New York Times.

Lauren, a Bedford resident, will be replaced by 41-year-old Stefan Larsson, a former president of The Gap’s Old Navy division, and also formerly of H&M. The 75-year-old will remain active in the company as executive chairman and chief creative officer. Larsson will report to Lauren.

“When they start designing things I can’t understand, I’ll quit. But I don’t feel like I’m stepping back now,” Lauren told The Times.

The decision to step down as CEO could, in part, be considered a move to help the company’s overall financial picture, which has seen revenues dip in the past year under heavy competition among luxury purveyors, according to The Times.

Last year, Lauren gave lengthy interviews to Chinese television, which were filmed in his Bedford home.

Click here to read the full story on The New York Times website.

Photo: Ralph Lauren via Creative Commons