Ralph Lauren steps down as CEO of fashion empire

(CNN MONEY) Ralph Lauren stepped down as CEO of his fashion empire on Tuesday and was replaced by the boss at Old Navy.

Stefan Larsson, the former global president of Old Navy, will replace Lauren as CEO effective in November.

Lauren will become executive chairman and chief creative officer of Ralph Lauren Corp. (RL) Larsson will report to Lauren.

"My job is to think always about the future of our company and how to move it forward," said Lauren, who turns 76 next month. "Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective."

Larsson grew Old Navy's global operations from 12 to 44 countries and its sales from $3 billion to $17 billion during his helm at the budget clothing line. Old Navy is a division of Gap (GPS).

This comes after the Ralph Lauren company -- which Lauren founded in 1967 -- reported a 5.3% drop in its revenue from June 2014 to 2015.

CNNMoney (New York) September 29, 2015: 4:54 PM ET