Ralph Lauren To Quit As Fashion Label's Boss

Ralph Lauren has announced he is stepping down as head of the iconic fashion brand he founded nearly half a century ago.

Stefan Larsson, the president of Gap's thriving low-price chain Old Navy, is taking over as CEO.

The 75-year-old will still have a major role at the firm however, staying on as chairman and head of design.

"I am here, and I am not leaving," said Lauren.

"Stefan is coming to the company because I really believe he's going to be an interesting addition."

Kanye West and Lil Wayne have both mentioned the firm in their lyrics

"He understands what dreams are," Lauren added.

After years of growth, shares in the company have dipped by 44% this year because of weakening sales.

Larsson is a retail veteran, having previously been Nike's general manager of global apparel and will take over in November with the aim of reinvigorating the firm.

The pair say they are looking to grow sales in places such as China and also improve internet sales.

The Ralph Lauren brand began in 1967, first selling ties before expanding into men's and women's wear.

The brand even designed the kit for the US winter Olympic team last year

The firm's iconic shirt - featuring an emblem of a polo player - was first released in 1972.

Lauren's success personifies the American Dream.

The fashion stalwart was born Ralph Lifshitz in the Bronx in 1939 to Jewish immigrant parents from Belarus.

He changed his name to Lauren at 16.

His empire eventually grew to include accessories, fragrance, home decor, footwear and even restaurants.

The company currently has 467 stores and 558 concession shops.