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Ralph Lauren, the founder of his namesake fashion powerhouse, identified by the infamous polo player logo, announced that he will be stepping down as chief executive officer of his beloved company.

Stefan Larsson, a former H&M executive and the global president of American chain, Old Navy, will take over from Mr. Lauren from November onwards.

However, Ralph, who has been at the helm of the label which he founded nearly half a century ago, will not be stepping back completely: Larsson will still report to him, as he plans to remain onboard as executive chairman and chief creative officer.

In an interview following his announcement with the The New York Times, Lauren said, “When they start designing things I can’t understand, I’ll quit but I don’t feel like I’m stepping back now.”

The fans of Polo, RRL, and Purple Label all understand what a big deal this is: the man is a fashion icon. Fret not, we're sure Mr. Lauren's putting the fate of his company in good hands!