After almost 50 years in charge, Ralph Lauren will step down as chief executive of his fashion empire.

Taking his place is Stefan Larsson, the man who has been running Old Navy, Gap's pocket-friendly brand, for the past three years.

75-year-old Lauren however will continue as executive chairman as well as chief creative officer.

The Ralph Lauren brand has grown from neckties to men's apparel and more recently, adding three new brands to their portfolio; Polo Women, Polo Sport and Denim and Supply.