Stefan Larsson, who joined Ralph Lauren Corp as new CEO in November is making some management changes. Valerie Hermann will be promoted to the expanded role of global brand president for luxury, women’s collections and accessories, according to a memo obtained by Bloomberg.
Previously, Hermann was president of luxury collections at the company. She will now oversee all luxury brands, as well as Women’s Polo, Lauren, Chaps, Denim & Supply, and all men’s and women’s footwear, accessories and denim. Prior to joining Ralph Lauren in 2014, Hermann was CEO of European luxury apparel brand Yves Saint Laurent.
In another change, Christine Beauchamp, global brand president for Lauren and Chaps, is leaving in mid-May for personal reasons, according to the memo. Beauchamp joined the company in September 2015.
Bloomberg also reported that Ralph Lauren is reorganizing in attempts to cut $110 million in annual costs by the end of fiscal 2017. The company said sales would only be up 1% this year.
Prior to coming to Ralph Lauren Corp., Larsson was head of Old Navy.