Fashion designer and creator of major fashion empire, Ralph Lauren, has officially stepped down from his CEO position.

Ralph Lauren started off in 1968 designing ties with his brother, and throughout time he became one of the most well known fashion designers ever. In the 80s, Lauren ventured out into women’s fashion and decor which made his career leap to success.

Lauren has announced that he will give his empire to Stefan Larsson, the president of Old Navy and former executive at H&M. This changed was initiated by Lauren in order to get their financial house in order. Lauren’s company hasn’t been having been the best year financially, and Larsson is known for being one of the top retail store owners.