Credit: Trevor Collens/AFP/Getty

After nearly 50 years at the helm of his iconic fashion empire, Ralph Lauren is stepping down as CEO of the company that has become synonymous with luxury American style. This announcement comes barely two weeks after Lauren's latest successful New York Fashion Week show, which Julianne Moore and Jessica Chastain attended.

In November, the beloved designer will be succeeded as CEO by 41-year-old Stefan Larsson, who had been Old Navy's global president since 2012. Prior to joining the Gap Inc. brand, Larsson (below, with Lauren) spent 15 years at H&M.

Ralph Lauren, Stefan Larsson
Credit: AP Photo/Jason DeCrow

Despite the title change, Lauren, who's turning 76 soon, intends to remain active in the company as executive chairman and chief creative officer, and referred to the nature of his relationship with Larsson as a "partnership."

"I am here, and I am not leaving," Lauren told the Associated Press. "Stefan is coming to the company because I really believe he's going to be an interesting addition."

He said in an interview with the The New York Times: "When they start designing things I can't understand, I'll quit."