Ralph Lauren, a pioneer of luxury style, is to step down as head of the Polo Ralph Lauren empire he founded nearly 50 years ago. Stefan Larsson, the president of the Gap-owned budget chain, Old Navy will replace him as chief executive. Mr Lauren will continue as the brands chief designer. The iconic company has been struggling to boost profits as a stronger dollar reduces the value of sales from outside the US.
Speaking of his replacement, Mr Lauren said: "He understands what dreams are. In this business, it's about dreams because you are dreaming ahead and you're about progress and change and newness."