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Why visionary Ralph Lauren sought out a new leader

Another legend walks off the catwalk. Ralph Lauren, an icon in the fashion industry, is stepping aside as CEO at the company he founded nearly 50 years ago, naming Old Navy President (GPS) Stefan Larsson to take his place. For his part the 76-year old Lauren says he isn’t retiring, but will instead stay on as chief creative officer and remain executive chairman.

Traders are liking the move at the eponymous brand, sending Ralph Lauren Corp. (RL) shares soaring. Yahoo Finance’s Mike Santoli says the move heralds the massive change coming to the industry.

“I think [Larsson’s hiring] says a lot about what's happened to the fashion apparel industry,” Santoli says in the attached video. Ralph Lauren started out as a premium brand even from the beginning, Santoli notes, but Lauren was never one to stay still. “He's ridden so many developments in this industry in terms of international...