Ralph Lauren has stepped down as Chief Executive Officer of his eponymous label, 50 years after it was founded.

Lauren is to take up the roles of Executive Chairman and Chief Creative Officer at the brand, and has appointed Old Navy's Stefan Larsson to take over as CEO in November. Lauren commented 'My job is to think always about the future of our company and how to move it forward. Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective. Stefan and I have a strong personal bond and share a vision for the future of Ralph Lauren'.