Ralph Lauren announced Wednesday the appointment of Patrice Louvet, a French executive from the beauty world, as chief executive officer, more than three months after signalling the departure of his predecessor over disagreements.
Louvet, 52, most recently group president of global beauty at Procter & Gamble, will answer directly to 77-year-old Ralph Lauren, who remains executive chairman and chief creative officer, as well as to the company’s board of directors.
Louvet will take up his position as president and chief executive officer on July 17, the fashion company announced from its New York headquarters.
Louvet comes to the iconic US label with more than 25 years experience at P&G, including a stint as president of its global prestige business where he oversaw a diverse portfolio of 23 fashion brands, including Gucci and Hugo Boss.
“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,” said Lauren.
The veteran designer said Louvet’s business skills, 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.”
“The brand holds tremendous potential around the world and I could not be more excited to lead the next phase of development for this great company with Ralph and the team,” said Louvet.
Ralph Lauren is to release its fourth quarter earnings on Thursday.
The fashion house announced February 2 that chief executive Stefan Larsson was stepping down after little over a year, following disagreements with Lauren over how to position the clothing line in the fast-changing retail universe.
In April, the corporation announced plans to move into a more cost-effective, flexible e-commerce platform, closing its flagship Polo store on New York’s Fifth Avenue and streamlining the organization to save $140 million in annual expenses.
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