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.
Ralph Lauren steps down as CEO
© Anton Oparin – 123RF.com

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."

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