The 76-year-old has held the title since he founded his company nearly 50 years ago, making the change particularly significant. He's named Stefan Larsson as his successor, effective November. Larsson was previously global president of Gap Inc.'s Old Navy, where he steered the company into three years of consecutive profitable growth and added $1 billion in sales, according to WWD. Before that, he played a crucial role in growing H&M into the mega-chain it is today, working in their senior management team for 15 years.

It's not over for Lauren yet though - he's staying on as executive chairman and chief creative officer. "This is important to say: there is no toe in the water. I love what I'm doing, I love the company...I won't be coming two days a week," he told WWD. He also had this to say about Larsson: "Stefan brings something special. [He] has the sensitivity of design and of building a business and growing companies. That's rare in our business. Usually, it's one or the other."

Breaking: Ralph Lauren steps down as CEO

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