Louve most recently served as group president, global beauty at Procter & Gamble (P&G)

Louve most recently served as group president, global beauty at Procter & Gamble (P&G)

US apparel giant Ralph Lauren has named Patrice Louvet president and CEO, following Stefan Larsson's decision earlier this year to leave the company over differing views on the future direction of the firm.

Louvet, who will take the helm on 17 July, most recently served as group president, global beauty at Procter & Gamble (P&G), a division of 12 brands with around US$11.5bn in revenues in 2016. He will dual report to Ralph Lauren in his capacity as executive chairman of the board and to the company's board of directors.

"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," says Ralph Lauren, who also serves as chief creative officer. "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."

In February, the company said Larsson's departure was by mutual agreement, and confirmed it will continue with the execution of his 'Way Forward Plan' to restructure the business.

Ralph Lauren CEO to depart over "different views"

Now, Louvet, a brand expert with more than 25 years of experience at P&G, is preparing to take the helm.

"Ralph is one of the world's greatest fashion icons and someone I have admired for many years, and it's an incredible opportunity to partner with him to continue to build on 50 years of heritage and innovation," he says. "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."

Last week, the North Carolina Commerce Department announced Ralph Lauren is to make 107 lay-offs at its Kernersville, Greensboro, and High Point offices by 15 July. The move is part of the company's 'Way Forward Plan' aimed at refocusing the company and building the brand to its full potential. 

Ralph Lauren cuts 107 jobs under turnaround plan