>> Ralph Lauren CEO Stefan Larsson hired just over a year ago to turn the luxury label around, stepping down Thursday after a rift with the company's founder. Sources tell Reuter's, Larson who was brought on for his experience in fast fashion retail and reviving sales at Old Navy had different views from designer Ralph Lauren on how the brand should evolve.
Sales of Ralph Lauren fell 12% in the holiday quarter. The seventh straight quarterly decline. And the stock since Larson came on is down 21%. On Thursday that stock plunging even further Down more than 10%, hitting a six-year low. Just last summer, the company closed down 50 stores in restructuring moves that were expected to save the brand up to $220 million a year.
So who could lead the company now? Reuters correspondent Siddharth Cavale.>> The company does not need to look too far for a new CEO, when they have some within their own ranks. Ralph Lauren's son, David Lauren, who was just appointed the vice chairman of the company in October is a top contender.
>> The all American brand was recently in the spotlight for dressing up Melania Trump for the presidential inauguration. With boycott Ralph Lauren becoming a trending hashtag on Twitter.