Most surprising news for the fashion industry as Ralph Lauren, American fashion designer and an entrepreneur, has stepped down from the position of chief executive officer (CEO) at his company to executive chairman and chief creative officer.

Lauren being the largest shareholder of the company mentioned in his announcement that Stefan Larsson will take up the position of CEO. According to sources, Mr. Lauren is making an attempt to chase away. He will no longer be in the power of making any final decision. The latter CEO of the company, Mr. Larsson, the president of Old Navy, was also serving as H&M executive earlier. The investors seem to be really overwhelmed with the choice of new CEO.

The latter CEO is a rising star when it comes to retailing, and lately he has been credited for turning around Old Navy, Gap's low-cost brand.

The stock of the company has gone down with context to the previous year by approximately 40%. The company should now learn the strategy from companies like Old Navy in order to match up the competition with other luxurious retailing companies.

Michael Binetti, a retail analyst at investing banking company UBS, said that the new CEO should be given control to eliminate the problems, like cost, faced by the company previously.