Ralph Lauren has appointed Patrice Louvet as its new President and Chief Executive Officer to oversee its ongoing turnaround strategy.
Patrice Louvet, who most recently oversaw Procter & Gamble’s global beauty business, will become CEO on July 17. His appointment follows the abrupt ousting of retail superstar Stefan Larsson after less than 15 months in the role after clashes with founder Ralph Lauren and the board of directors over how to restore the company to its former glory.
Larsson was hired in November 2015 as the company’s first CEO after Lauren stepped away from the role for the first time. He was tasked with overhauling the American brand, which has struggled for years to address problems in e-commerce, wholesale and heavy discounting.
Louvet is a 25-year veteran of P&G, the world’s largest consumer-products maker. He most recently ran the company’s US $11.5 billion global beauty business that was sold last year to Coty for US $12.5 billion. Louvet had earlier overseen P&G’s Gillette lineup.
“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,” said Lauren in a statement on Wednesday.