Ralph Lauren has announced that he is resigning from his position as CEO of the fashion company (NYSE: RL) that bares his name.

Replacing the iconic figure will be Stefan Larsson, a former executive of clothing store H&M. Larsson is also credited for rejuvenating the Gap’s down-market brand, Old Navy, as its president since October of 2012. He will become chief executive in November, as well as a member of the board of directors.

While Lauren is stepping down from the post he has held for almost half a century, he will continue to function as a chairman and Chief Creative Officer. Lauren identifies his working relationship with Larsson as a “partnership.”

This transition is amid financial difficulties the company has faced in recent years. Although quarterly earnings of $1.09 a share exceeded estimates, revenue dropped over five percent. The company’s share price plummeted by over 40 percent this year.

Lauren is not the only fashion icon who has resigned from his post in recent years: Donna Karan, of DKNY, resigned as CEO in 1997, while Calvin Klein stepped down from his namesake company in 2002.

What do you think this means for the Ralph Lauren line? Is it the revitalization that the company needs? As always, let us know in the comments below.