The New York Times reported yesterday that American Designer, Ralph Lauren is stepping down as CEO of his company mimicking similar moves by other top American design houses. He will be replaced by former exec of H&M, Stefan Larsson. Recently, Lauren’s company has had financial problems stemming from competition in the haute couture field and an overall slump in revenue parly due to factors of a global economy. The designer, 75, will retain his position as chief creative officer.
The appointment of Larsson,who has a reputation as a strong in budget-conscious mass-retailing, may signal a parceling out of the high end fashion division from a more budget-conscious, family-oriented line.
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