Ralph Lauren Corporation has tapped Patrice Louvet as the company’s new President and CEO. The move comes after Stefan Larsson stepped down from the helm earlier this month and as the company struggles with its Way Forward plan, a turnaround effort that has fallen short in recent quarters.
In addition to disappointing sales, problems with Larsson were compounded by disagreements with Ralph Lauren himself, who had run the company as founder and CEO until Larsson’s appointment in late 2015. Now Louvet will dual report to Ralph Lauren in his capacity as Executive Chairman of the Board and to the Company’s Board of Directors.
Louvet’s appointment will become effective July 17, 2017, at which time he will also be appointed to the Ralph Lauren Corporation Board of Directors. The announcement came a day before the company is to deliver its fourth quarter and full year fiscal 2017 results (tomorrow).
With a proven record of success and as one of the most successful executives in the consumer products industry, the company is hoping for more rapid growth under Louvet’s lead. Most recently he served as Group President, Global Beauty at Procter & Gamble (P&G), a division of 12 brands with approximately $11.5 billion in revenues in 2016.
Ralph Lauren, Executive Chairman and Chief Creative Officer, said in a statement: “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 and I am thrilled that Patrice is joining our talented team. He’s an enormously skilled business leader with a deep passion for the consumer and a sophisticated understanding of building global brands. This, combined with his collaborative working style, transformation experience and intense focus on results, will put us in a stronger position as we move toward the future.”