Ralph Lauren steps down as CEO
NEWSWATCH: Stefan Larsson, a former H&M executive and president of Gap's Old Navy brand, is succeeding Ralph Lauren as chief executive at the New York office.
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The move is said to be a financial one. "Earnings at the upscale apparel company, known for its Polo brand, have been pressured by a strong dollar and intense competition in the luxury space," reports The New York Times. "Its latest quarterly earnings of $1.09 a share topped analyst estimates, but revenue dipped 5.3% on a year-over-year basis. The company's share price has slumped by almost half this year."
For more:
- BBC News: Ralph Lauren steps down as company boss
- USA Today: Ralph Lauren leaving CEO post
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