Ralph Lauren tapped a beauty executive to lead his company after his previous chief executive left earlier this month.
Patrice Louvet, a Procter & Gamble veteran who had most recently headed up that company’s global beauty business, was named chief executive and president of Ralph Lauren, the company said Wednesday.
Louvet will assume his new position on July 17.
“Finding the right partner to work with me to take us forward in our evolution has been my primary focus,” Lauren, 77, who will continue in his role as executive chairman and chief creative officer, said in a statement.
It’s not unusual for a brand under financial pressure to bring in an outsider, said Marshal Cohen, chief industry analyst at the NPD Group.
However, it’s possible Ralph Lauren is positioning itself to be bought, Cohen noted.
Stefan Larsson, a fast-fashion veteran, stepped down as CEO.
Ralph Lauren shares dipped 1.6 percent on Wednesday, to $72.75.