Ralph Lauren has announced that Patrice Louvet will lead the company as its new chief executive.
The ex-Procter & Gamble (P&G) executive is set to replace the former Burberry boss Stefan Larsson, who left the retailer in dramatic fashion in February due to disagreements with its eponymous founder.
Louvet is expected to officially take the reins and embark on an ambitious turnaround strategy on July 17 when he will report to the company’s namesake founder, who is reportedly maintaining a key role as executive chairman.
“Finding the right partner to work with me to take us forward in our evolution has been my primary focus over the last several months,” Lauren said.
Having joined P&G in 1989 Louvet most recently ran the global beauty business for the company, achieving a $11.5 billion in sales (£8.82 billion)
In February 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).