Ralph Lauren is to step down as CEO of the luxury fashion brand he launched 50 years ago.

Mr Lauren, who turns 76 in October, will remain as the brand's chief designer. He will be placed by Stefan Larsson, president of Old Navy, a low-priced brand owned by Gap.

Ralph Lauren said he is more than happy to see Mr Larsson replacing him: "He understands what dreams are. In this business, it's about dreams because you are dreaming ahead and you're about progress and change and newness."

41-year old Larsson has been in charge of Old Navy since 2012, having worked at H&M for 15 years previously. He has widely been credited with rising sales at Old Navy, despite the rest of Gap's brands seeing sales fall.