The engineer Ralph Lauren is to step down as a conduct of a oppulance conform association he founded scarcely 50 years ago.
He will be transposed as arch executive in Nov by Stefan Larsson, boss of Old Navy, a low-price garments code owned by Gap Inc.
Mr Lauren, who will spin 76 in October, skeleton to stay on as a arch engineer for a label.
The news caused Ralph Lauren’s shares to arise 3.9% in post-trading hours. Shares in Gap fell by 3.4%.
Speaking of his replacement, Mr Lauren said: “He understands what dreams are. In this business, it’s about dreams since we are forgetful forward and you’re about swell and change and newness.”
The association – obvious for a polo shirts – has stretched from offered garments into a grill trade in new years.
Mr Larsson, 41, led Old Navy from 2012 and has been credited with boosting sales, even as other Gap labels faltered. Before holding over Old Navy, he worked for a Swedish code HM for 15 years.
Ralph Lauren done $7.5bn (£5bn) in sales final year.
Mr Lauren pronounced his inheritor was “exceptionally talented” and would move “a uninformed and sparkling tellurian perspective” to a company.