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Ralph Lauren stepping down as CEO of fashion empire

Ralph Lauren stepping down as CEO of fashion empire

Ralph Lauren is handing off his title as CEO of the fashion and home decor empire that he founded nearly 50 years ago.

The New York-based company announced Tuesday that Stefan Larsson, the global president of Gap's thriving low-price Old Navy chain, will take on the role. The change will be effective in November, and Larsson will report to Lauren who will continue to drive the company's vision and strategy as executive chairman and chief creative officer.

As global president of Old Navy for three years, Larsson remade the business into a bright spot in Gap's portfolio. Prior to his tenure at Old Navy, Larsson was part of an executive team at Swedish cheap chic fashion chain...