Ralph Lauren, founder and chief executive of the eponymous brand, will remain at the helm of the business until 2017 after signing a five year contract.
Lauren signed a new employment contract on June 26 that means he will remain in his position until April 1, 2017. According to reports, under his new contract Lauren’s salary will increase by 40% to $1.75m (£1.1m).
In May the premium US fashion house reported a year of “spectacular growth” as profits soared 20%. Sales in the year to March 31 rose by 21% to $6.9bn (£4.4bn). Net income for the year was $681m (£434m) compared to $568m (£362m) the year before.