The end of an era, Ralph Lauren is stepping down as CEO of the fashion empire he built over the past 50 years. In his place, Old Navy and H&M veteran Stefan Larsson who will be handed the responsibility of helping the iconic brand back onto its feet after the recent stumble.

In an interview with WSJ on Tuesday at his Madison Avenue office, Mr. Lauren said he would stay active in the company, and was bringing on a partner with the skills to help it expand.

Mr. Larsson, who is 41 years old, had been in his Old Navy role since 2012, and is credited with helping revive sales at the casual apparel brand. Previously, he spent 15 years at fast-fashion retailer H&M. He will join Ralph Lauren and its board in November.

Sep 30, 2015