Ralph Lauren hires Patrice Lauvet as new CEO
Ralph Lauren hires Patrice Lauvet as the new CEO at the company, in hope of fixing the iconic fashion company, Fortune.com reports.
Patrice Lauvet will become CEO on July 17, as a result of the abrupt ousting of Stefan Larsson, less than 15 months after he was brought to the company. Larsson is leaving due to clashes with founder Ralph Lauren and the directors’ board regarding the restoration of the company to the glory of former times.
Stefan Larsson was the first CEO of the company other than founder Ralph Lauren, who currently serves as the company’s chief creative office and who had served as CEO for 50 years.
Ralph Lauren hinted that he wished for less drama in a CEO and praised the “collaborative working style” shown by Louvet. ”Finding the right partner to work with me to take us forward in our evolution has been my primary focus over the last several months,” he said.
Patrice Louvet has been working for 25 years at P&G, the largest consumer-product maker in the world, and he recently ran the company’s $11.5 billion global beauty business that was sold last year to Coty for $12.5 billion.
Despite his lack of direct apparel experience, Ralph Lauren is confident that the new CEO’s P&G experience, which also included overseeing the branded beauty products for the likes of Hugo Boss or Gucci, will prove to be useful into the world of fashion and luxury.