Ralph Lauren Corporation announced Wednesday that Patrice Louvet, formerly the group president of global beauty at Procter & Gamble (P&G), has been named president and chief executive officer. His appointment will become effective July 17, 2017, at which time he will also be appointed to the Ralph Lauren Corporation Board of Directors.
Louvet replaces Ralph Lauren’s former president and chief executive, Stefan Larsson, who left the company in May following disagreements with the company’s turnaround strategy, the Way Forward plan. Through the plan, the company aims to evolve its product and shopping experience to increase desirability, change its operating model to promote sustainability and implement an ROI-driven financial model to invest in the brand and promote high-quality sales.
“Finding the right partner to work with me to take us forward in our evolution has been my primary focus over the last several months and I am thrilled that Patrice is joining our talented team,” said Executive Chairman and Chief Creative Officer Ralph Lauren. “He’s an enormously skilled business leader with a deep passion for the consumer and a sophisticated understanding of building global brands. This, combined with his collaborative working style, transformation experience and intense focus on results, will put us in a stronger position as we move toward the future.”
During his 25-year term at P&G, Louvet oversaw a division of 12 brands with approximately $11.5 billion in revenues in 2016. He has a proven track record of improving and growing major global brands and streamlining and refocusing business units, as well as diverse experience working across multiple distribution channels inclusive of e-commerce, wholesale and directly-operated retail.
Prior to his current role at P&G, which he has served in since February 2015, Louvet was group president of global grooming and served as president of P&G’s global prestige business where he oversaw a portfolio of 23 fashion brands, including Gucci and Hugo Boss.
“Ralph is one of the world’s greatest fashion icons and someone I have admired for many years, and it’s an incredible opportunity to partner with him to continue to build on 50 years of heritage and innovation,” Louvet said in a statement. “The brand holds tremendous potential around the world and I could not be more excited to lead the next phase of development for this great company with Ralph and the team.”