Designer Ralph Lauren, who pioneered a luxury lifestyle look, has stepped down as chief executive of the fashion company he founded nearly 50 years ago.
Mr Lauren has given the role to Stefan Larsson, the president of the Gap-owned budget chain, Old Navy.
Mr Larsson will report to the designer who will continue to oversee the company’s creative look and strategy.
Analysts say luxury brands are increasingly hiring from mass-market firms.
The iconic company has been struggling to boost profits as a stronger dollar reduces the value of sales from outside the US.
Mr Larsson is credited with reviving sales at Old Navy, where he offered the latest styles at low prices.
Annual sales under Mr Larsson’s leadership rose 8% in 2014 and became Gap’s biggest business.
Ralph Lauren made $7.5bn (£5bn) in sales last year.
Mr Lauren said his successor was “exceptionally talented” and would bring “a fresh and exciting global perspective” to the company.