Ralph Lauren has announced that he will be stepping down as CEO of his company.

He plans on having Stef Larsson, a previous global president of Old Navy, take his position. He will not be walking away from the company entirely however; he intends to stay on as creative director for the brand.

The creator of the fashion empire, based on a very country-club prep style, has been at the helm of the brand since 1967.

Stefan Larsson is also a former H&M executive and has been credited with reviving Gap’s brand after taking it over in 2012.

The New York Times reports that Ralph, 75, intended to remain active at the company and is viewing Stefan’s new position as a “partnership."

 

Femme fatale: @TaylorSwift in striking RL Collection in the September issue of @VanityFair

A photo posted by Ralph Lauren (@ralphlauren) on

“When they start designing things I can’t understand, I’ll quit,” he said in an interview, “But I don’t feel like I’m stepping back now.”

After his 48 years at the company, there was speculation that his son would take over if he was to step down. David Lauren is on the board of the company’s directors and head of their advertising and marketing divisions.

At New York Fashion Week earlier this month, the Ralph Lauren front row was packed full of A-list stars; Julianne Moore, Jessica Chastain and Alec Baldwin were just a few spotted at the show.

The designs offered were apparently less "buttoned-up" than what has been seen in past seasons, and there was a lot more crop tops happening than expected.

However, the brand is known for a classic and tailored look which also featured prominently on the runway. We wonder what's to come under Stef's reign…