Scandinavians are nothing if not minimalists, and Ralph Lauren’s new president and chief executive officer, the Swedish Stefan Larsson, wants to revive the iconic company’s business by going back to basics and trimming the fat.
The fast-fashion impresario, who moved from Old Navy in November, presented his “Way Forward” plan and financial outlook at Ralph Lauren’s first-ever investors’ day on Tuesday, outlining a strategy that includes reducing the company’s full-time headcount by 8 percent in an effort “to create a more nimble organization by moving from an average of nine to six layers” and shifting from a handover model to one of cross-functional teamwork.
Another key part of the plan will involve “significantly reducing supply-chain lead times” by “employing best-in-class sourcing.” To that end, Ralph Lauren has made a major hire, snagging Halide Alagoz to be the company’s head of global sourcing. Her robust background includes 18 years of experience leading global supply chain and sourcing initiatives for H&M in several locales, including China, Hong Kong and Turkey.
Read more at Sourcing Journal.