Ralph Lauren, the indisputable king of American preppy style, is stepping down as chief executive of the company he has successfully run for the last five decades.

Taking over from Lauren will be Stefan Larsson, previously the global president the Gap Inc-owned Old Navy, who also spent 15 years with Swedish retail giant H&M.

The move comes after a slump in sales and share price over the last year.

Lauren told The New York Times he will remain active within the company as executive chairman and chief creative officer and that the new relationship between himself and Larsson will be a “partnership”.