American designer Ralph Lauren is standing down as chief executive of his fashion company and will be replaced by Stefan Larsson, president of the Gap-owned budget chain, Old Navy.
Lauren, 75, will stay on as chief designer, with the hope that Larsson can boost sales for the iconic company.
Shares in Ralph Lauren have fallen around 44 per cent this year, rubbing out nearly $5bn in market value, but they rose 4.7 per cent in post trading hours last night after the announcement, reports Wall Street Journal.
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Lauren, whose brand is known for its understated "preppy" look, is the 74th richest American with a net worth of $6.2bn, according to Forbes.
His company began with a collection of ties and has become one of the most famous fashion brands of all time, with celebrity fans including David Beckham and Kate Middleton.
His short-sleeved shirts bearing the Polo emblem have become a classic and his gowns have been worn on red carpets across the globe.
Larsson, 41, had been in his Old Navy role since 2012, and previously spent 15 years at retailer H&M. He will join Ralph Lauren in November.
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