Stefan Larsson, chief executive officer of Ralph Lauren Corp., has made some changes to his top management team.
Valérie Hermann, global brand president, Ralph Lauren Luxury Collections, has been promoted to global brand president, luxury, Women’s Collections, and World of Accessories, the firm said in an 8-K filing with the Securities and Exchange Commission. Hermann, who joined in 2014, will be responsible for all luxury brands with the addition of women’s Polo, Lauren, Chaps, Denim & Supply and all women’s and men’s footwear, accessories and denim.
“Valérie is one of our most talented and experienced leaders and I am excited to expand her role on my team as we develop and execute our growth strategy to build our brand and business to a stronger place than we have ever been,” Larsson said. “Given her extraordinary and extensive experience in brand building coupled with her proven track record of driving high performance within our industry, I know Valérie is the right person to help us succeed as we continue to evolve our brands and strengthen our business.”
At the same time, Christine Beauchamp, global brand president for Lauren and Chaps, is leaving in mid-month. She joined the firm last September. In addition, Kim Roy, group president of wholesale for Ralph Lauren for the Americas, has left the company. She joined the company in 2003 as president of Lauren Brands and was instrumental in building the Lauren business after the company got the license back from Jones Apparel Group.
According to the filing, Hermann’s new contract began April 4 and continues until July 1, 2020. She will be entitled to an annual base salary of not less than $950,000 and will be entitled to participate in the bonus program.
Prior to joining Lauren, Hermann was president and chief executive officer of Reed Krakoff, before which she was ceo of Yves Saint Laurent in Paris.
In February, Larsson told analysts after posting mixed third-quarter results that he’s working with the team in conducting an inclusive review of the company’s operations. He said the assessment and the company’s multiyear growth strategy would be completed in the coming weeks and he would share those findings with Wall Street in late spring. He described the performance of the business as “very disappointing” and said the “challenges we are facing did not materialize overnight,” and provided analysts with insight on the kind of deep dive his team is eyeing in the overall review. “It is complex work that will take time. We will show you the pacing through the plan we will present in late spring and we will show progress every year,” he said.
Larsson is expected to discuss his strategy at the company’s Investor Day on June 7.