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Ralph Lauren is to step down as the chief executive of the luxury fashion house he founded 48 years ago.

The designer will be replaced in November by Stefan Larsson, president of Old Navy, the low-price clothes brand owned by Gap Inc.

Ralph Lauren, who will turn 76 in October, plans to stay on as the chief designer for the label.

The news caused Ralph Lauren’s shares to rise 3.9% in post-trading hours. Shares in Gap fell by 3.4%.Ralph Lauren and Stefan Larsson

Speaking of his replacement, Ralph Lauren said: “He understands what dreams are. In this business, it’s about dreams because you are dreaming ahead and you’re about progress and change and newness.”

Ralph Lauren corporation – well-known for its polo shirts – has expanded from selling clothes into the restaurant trade in recent years.

Stefan Larsson, 41, led Old Navy from 2012 and has been credited with boosting sales, even as other Gap labels faltered. Before taking over Old Navy, he worked for the Swedish brand H&M for 15 years.

Ralph Lauren fashion house made $7.5 billion in sales in 2014.

Ralph Lauren said his successor was “exceptionally talented” and would bring “a fresh and exciting global perspective” to the company.

Officials in Venezuela say they have found a plane that disappeared carrying Vittorio Missoni, the boss of Italian fashion house, in January.

Vittorio Missoni, 58, and his wife were among six people on board the flight from Los Roques islands to Caracas.

Interior Ministry spokesman Jorge Galindo announced the discovery of the plane on Twitter.

Officials said it was found 230 ft under water, north of Los Roques islands in the Caribbean.

Following the plane’s disappearance on January 4, investigators from the Italian Agency for Air Safety (ANSV) said the company that owned the small plane was not fully licensed to operate.

A piece of luggage from the aircraft was found off the Dutch island of Curacao, about 200 miles west of Los Roques, later that month.

Vittorio Missoni was the son of the fashion brand's founder, Ottavio Missoni, and co-owned the firm with his siblings

Vittorio Missoni was the son of the fashion brand’s founder, Ottavio Missoni, and co-owned the firm with his siblings

Vittorio Missoni was the son of the fashion brand’s founder, Ottavio Missoni, and co-owned the firm with his siblings.

He was returning from a Christmas and New Year holiday with his wife, Maurizia Castiglioni, and two friends – Elda Scalvenzi and Guido Foresti.

Two Venezuelan pilots were also on board the BN-2 Islander plane.

Minutes after take-off, one of the pilots reported that the plane was at 5,000ft and 10 nautical miles from Los Roques airport, Italy’s air safety agency has said.

The last radar report showed the aircraft accelerating at 5,400ft before it rapidly lost altitude and speed, veering to the right until it disappeared from the radar.

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Songstress Azealia Banks tweeted that she is ”definitely boycotting” Dolce & Gabbana for the “corny, racist” imagery in their spring 2013 collection.

The Italian fashion house raised some eyebrows when they sent an army of all-white models down the runway donning controversial earrings featuring dark-skinned women wearing burlap dresses and plantation-era cornucopias.

“Whoever designed that racist ass Dolce and Gabanna collection needs a swift kick in the mouth and a big d***up the ass,” she tweeted on Saturday.

“I really hate when people do corny, racist things then try to justify it as <<art. It’s all just really unnecessary. the clothes in the collection were fine without all the “black mammie>> imagery” she added.

Azealia Banks says she is boycotting Dolce and Gabbana for the corny, racist imagery in their spring 2013 collection

Azealia Banks says she is boycotting Dolce and Gabbana for the corny, racist imagery in their spring 2013 collection

Dolce & Gabbana representatives said that the imagery used is said to be inspired by their Sicilian roots.

 

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Natalie Portman may have bared all in her previous campaigns for Christian Dior, but she is covering up in her latest advert for the French fashion house.

Natalie Portman, 31, is the epitome of demure chic in the gorgeous shoot and is seen softly gazing at the camera while wearing a white knitted jumper.

In another shot, the actress is pictured looking especially casual in a simple dark grey top and artfully worn in jeans.

But it’s not all about dressing down for Natalie Portman, in a final stunning image she is seen sitting on a bed wearing a diaphanous pastel pink dress.

Natalie Portman may have bared all in her previous campaigns for Christian Dior, but she is covering up in her latest advert for the French fashion house

Natalie Portman may have bared all in her previous campaigns for Christian Dior, but she is covering up in her latest advert for the French fashion house

The shoot is a stark contrast to her most recent advert for the Diorskin Nude range, where the brunette beauty is pictured lying topless over a chaise lounge.

Natalie Portman also stripped off for her previous advert for Miss Dior Cherie perfume, where she soaks in a tub wearing nothing but her Dior sunglasses.

Directed by Sofia Coppola, the homage to Jean Luc Godard’s 1960s movies, also shows the actress undressing her onscreen lover and kissing him passionately on a bed.

Wearing a black strapless dress the star, smoulders for the camera and poses suggestively with a black bow-tie.

Natalie Portman might look totally at ease in front of the cameras but in a recent interview with InStyle, the actress confessed that she feels as if she never quite succeeds in putting on a perfect public appearance.

“My grandmother believes you don’t leave the house unless you have perfect hair and make-up, so she is always at me for not brushing my hair or not putting on enough make-up,” she said.

“I love Sofia Coppola’s whole aesthetic. She presents herself in a ladylike fashion and has so much personality,” the mother of one-year old boy Aleph added.

That said, Natalie Portman did admit that she never leaves the house without a lipstick: “I keep three lipsticks with me, always, one nude, everyday color, plus a red and a plum for dressing up.”

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