Reports have emerged that Ralph Lauren president and chief executive Stefan Larsson will step down from the fashion brand and retailer in May, after a dispute with founder Ralph Lauren on the company‘s future direction.
Larsson and Lauren agreed to mutually part ways, according to a press release issued this morning.
Larsson, who joined the high-end fashion retailer in November 2015, will be replaced by chief financial officer Jane Nielsen until a new chief executive is found.
The company will also continue to push ahead with its so-called “Way Forward” turnaround plan, which includes scaling back from department stores in favour of digital sales and flagship store sales, as well as providing additional “see now, buy now” opportunities.
The news comes as Ralph Lauren reported a third quarterly profit of $82 million (£65.4 million), while its net revenues dropped approximately 12 per cent to $1.714 billion (£1.366 billion).
“Stefan and I share a love and respect for the DNA of this great brand, and we both recognize the need to evolve,” Lauren said in today‘s statement.
“However, we have found that we have different views on how to evolve the creative and consumer-facing parts of the business.
“After many conversations with one another, and our board of directors, we have agreed to part ways.
“I am grateful for what Stefan has contributed during his time with us, setting us in the right direction with the Way Forward Plan.”