American fashion designer Ralph Lauren is stepping down from his role as CEO from his global multi-billion-dollar enterprise. Ralph Lauren offers luxury men’s and women’s clothing, children’s and baby clothes, home & bedding collections. Stefan Larsson, global president of Old Navy’s division of Gap will take over the position. Larsson has turned Old Navy into Gap’s largest brand, $6.6bn in revenues. Ralph displayed his last collection in New York Fashion Week in September and will remain executive chairman and creative chief of the company. “My job is to think always about the future of our company and how to move it forward, we have had tremendous success expanding the Ralph Lauren brands around the world and creating a great management team. Now, all the pieces are in place to position our business for continued growth.” he said. Many brands like Ralph Lauren are facing declining sales for the past few quarters, which was the reason behind hiring Larsson. Share prices rose 5 per cent to $108.80, in the perceived hope that Larsson might be able to increase sales.