Ralph Lauren is clearly hoping that Patrice Louvet’s experience in the fast-moving beauty world can help him figure out the rapidly changing fashion landscape — although Wall Street appears to have its doubts.
As first reported by WWD Wednesday morning, the designer has named the Procter & Gamble executive as his new president and chief executive officer, effective July 17. He will also join the board of directors. Louvet brings nearly three decades of experience at P&G, most recently as group president of global beauty products, to Ralph Lauren Corp. and will report directly to Lauren, who will remain executive chairman and chief creative officer, and the board of directors. Louvet succeeds Stefan Larsson, who held the post for 18 months and left over clashing views on how to evolve the creative and consumer-facing parts of the business.
Despite Lauren finding a successor to Larsson relatively quickly, Wall Street didn’t respond well to the appointment. In a general down day for the overall stock market, shares of Ralph Lauren Corp. fell 1.6 percent to close at $72.75 in trading on the New York Stock Exchange. P&G stock closed at $86.26, essentially flat from its opening price of $86.22 on the NYSE.
Louvet’s successor at P&G hasn’t
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