The original version of this news story can be accessed at https://www.thecerbatgem.com/2017/05/19/greenwood-capital-associates-llc-has-202000-position-in-ralph-lauren-corp-rl.html.
Stefan Larsson, who had been named Mr. Lauren's successor after spending time at Gap Inc. and Hennes & Mauritz AB, left the company after less than two years at the helm after clashes with Mr. Lauren over creative control.
Louvet will take up his position as president and chief executive officer on July 17, the fashion company announced from its NY headquarters. Cowen and Company reissued a "market perform" rating and issued a $84.00 target price on shares of Ralph Lauren Corp in a report on Sunday, April 23rd.
Mr. Louvet is group president of global beauty at P&G, a division with brands such as Head & Shoulders, Olay and Old Spice.
Ralph Lauren Corp.is taking another stab at having someone other than its eponymous founder and longtime leader run the organization.
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That means many of them may be burdened by the handicap of being largely unknown to voters in constituencies they compete for. Macron's newly renamed "Republique en Marche" (the Republic on the Move) movement reacted warily to the announcement.
During his 25 years at P&G, Louvet controlled numerous market-leading brands, including Gillette, Gucci and Hugo Boss.
Larsson took up the role of CEO in 2015 after Lauren, who was then 75 years old, stepped aside following almost five decades at the helm. "The retail landscape today is more dynamic than ever" said Ralph Lauren, executive chairman and chief creative officer, in the statement. In announcing Louvet's hiring, Lauren cited his collaborative working style. The so-called "Way Forward" scheme saw hundreds of millions of dollars of cost cuts at Ralph Lauren, and the closing of more than 50 stores, including the Fifth Avenue flagship branch in NY. The new CEO will report to the brand's namesake and founder, who made the company a household name synonymous with a certain well-heeled, preppy lifestyle.
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. The stock had already declined 18 percent this year through Tuesday's close.
Shares of Ralph Lauren Corp (NYSE:RL) traded down 1.88% during mid-day trading on Thursday, hitting $71.38. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.56 billion.