Ralph Lauren will step down as head of the luxury fashion brand he launched in 1967 as Polo Ralph Lauren, which expanded into a fashion and home goods empire. Lauren announced Tuesday that he will leave the post in November and will be succeeded by Stefan Larsson, the president of low-priced clothing chain Old Navy.   

Known for its polo emblem, Ralph Lauren Corporation has grown to include several brands, including Polo for Women, Polo Sport and Denim & Supply, under Lauren's watch. Lauren, 75, will remain at the company as chief creative officer and chairman.

“When they start designing things I can’t understand, I’ll quit,” the fashion designer told the New York Times. “But I don’t feel like I’m stepping back now."

In his new role, Lauren will oversee Larsson, who will also join the company's board. “One of the biggest reasons for me to join is the opportunity to work side by side with someone like Ralph,” Larsson said.

Larsson has worked as the global president of Gap-owned retailer Old Navy for the last three years, following a 15-year stint at H&M, a Swedish clothing chain. There, he served as head of global sales and was responsible for about 2,300 stores. During his tenure, revenue at H&M grew from $3 billion to $17 billion, reported Bloomberg.

"My job is to think always about the future of our company and how to move it forward,"  Lauren said in a statement. "Stefan Larsson is exceptionally talented, and he will bring our company a fresh and exciting global perspective."

Lauren leaves as the company's revenue has taken a nosedive -- reports showed the quarter was down 5.3 percent compared to the same quarter last year. But the corporation managed to top analysts' estimates of 99 cents per share with $1.09 for the quarter.