Ralph Lauren tapped an outsider, Procter & Gamble veteran Patrice Louvet, to become CEO, making him only the third chief executive in the company's history.
The announcement came a day ahead of the company's Q1 earnings release.
Louvet spent more than 25 years at P&G, most recently as group president of the global beauty group, which had $11.5 billion in sales in fiscal 2016. Previous to that Louvet led P&G's global grooming group. In announcing the move, Ralph Lauren stressed Louvet's record not only in growing brands, but also in "streamlining and refocusing business units."
Read the full announcement here. Below are some key performance data points for Ralph Lauren, drawn from the eMarketer Retail & Ecommerce database:
Ecommerce: Ecommerce made up 8.8% of total revenue in fiscal 2016. Ecommerce growth tailed off in 2016, increasing only 3.5% after years of double digit gains.
Store Productivity: Average sales per store declined 8.1% in fiscal 2016, the third year in a row that the measure contracted. For the latest 12 months, average sales per store dipped 5.1%.