Via Lauren @ fashionista
“Ralph Lauren, chairman and CEO of Polo Ralph Lauren, is selling off a big chunk of his personal company shares.
The designer and his family are set to receive somewhere between $750 million and $870 million, depending on how many shares are sold–Lauren says he’ll give up 9 million to 10.35 million shares. (We valued that dollar figure at yesterday’s closing price–$84 per share–which means it could differ greatly depending on the price of the shares when they’re actually sold.)
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Lauren is still the majority shareholder in the company, which means his role isn’t changing. Since son David Lauren is being groomed to take over the firm (probably not in a design capacity but most definitely in a leadership capacity) pending his father’s retirement, we doubt much more of the company will be offered up to the public–or other shareholders within Polo.
Lauren is currently 70-years-old, which means his retirement will likely happen within the next decade.”
