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@ralphlauren via Instagram

Earlier this week, the fashion world stood still after Ralph Lauren announced that he is “stepping down” from his 48-year CEO position. And while Lauren will continue as the chief designer of his iconic label, Stefan Larsson, who’s best known for his work with Old Navy and H&M, will be his successor. Naturally, the news was a shock to many and we were left with more questions than answers…

Now, Lauren is responding to the news, by way of a letter. According to Buzzfeed, Lauren penned a brief note to his employees explaining his decision and the changes they may expect to see moving forward.

“As the Company has grown globally, it has been clear to me that we needed to add strength. I have recognized great talent throughout my life and I have waited for the right moment to make someone CEO. My job is to think about the future and how to move forward, and I am confident that Stefan Larsson will be a wonderful business partner to help carry out this shared vision. As the largest shareholder, I will continue to nurture and grow this company.” He wrote.

Lauren also took time to note he’s not “stepping down” from his namesake label — “I am not stepping down or nor am I stepping back. I am stepping up.” Well said… well said!

Although Lauren’s move is still setting in, we anticipate only good things moving forward with Larson…