Ralph Lauren has announced that CEO Stefan Larsson, who arrived just over a year ago, will leave the company due to differences with founder Ralph Lauren over the luxury brand's strategy.
The news does not seem to have pleased Wall Street investors. Just over an hour after the opening of the indices, the stock lost 11,7% to 77,13 dollars.
Larsson was named CEO at the end of 2015, taking the place that had been occupied by Ralph Lauren himself for 50 years, who remained in the role of president and chief creative officer.
“Stefan and I share love and respect for the DNA of this great brand – said Lauren – However, we discovered that we have different visions on how to evolve the creative and consumer relationship aspects”
"After a long discussion between us - he concluded - and with the Board, we have decided to part ways". Larsson will remain in the leadership position until May XNUMX next.
We recall that the company was at the center of controversy a few weeks ago for having dressed Melania Trump on the occasion of the inauguration ceremony of US President Donald Trump, a choice that led to the spread of the hashtag #boycottolphlauren on Twitter.
Adding to the controversy are the negative results deriving from the last quarter (the third fiscal year), which closed with a 12% drop in revenues to 1,71 billion dollars, the seventh consecutive quarterly decline. The group expects a double-digit decline in turnover for the current quarter as well.
