Ralph Lauren poaches Coach's CFO Jane Hamilton Nielsen

London - The first new hire set to be made by Ralph Lauren's Chief Executive Stefan Larsson is none other than Jane Hamilton Nielson, Chief Financial Officer of rival brand Coach, who is set to take up the same role at Ralph Lauren.

The appointment comes not long after the company confirmed plans for a wider company overhaul to boost profitability, which includes the closure of more than 50 stores and 1,000 job cuts, 8 percent of its current workforce.

Nielsen is set to replace Robert Madore at Ralph Lauren, who has been the company's CFO since April, 2015. He is believed to stay with the company until the end of September to facilitate the transition, although it remains unclear where he will go to next.

Coach previously announced Nielsen's impending exit on Wednesday, citing her reason for departure to wishing to pursue "another opportunity." She is expected to remain in her current role at Coach until August, to oversee a smooth transition and slated to start her new job in September, according to the Wall Street Journal.

The company has begun its search for Nielsen replacement together with executive search firm Crist Kolder Associates. Coach has appointed Andrea Shaw Resnick, Global Head of Investor Relations and Corporate Communications , interim CFO until Nielsen permanent successor is found. Nielsen first joined Coach in September 2011 as Executive Vice President and CF

"During her tenure, Jane has played an important role as our leadership team’s finance partner and we wish her the best of luck as she embarks on her next chapter," said Victor Luis, Chief Executive Officer of Coach, Inc. "In addition, we are delighted to announce our intention to have Andrea, a seasoned Coach veteran with more than 30 years of finance experience, assume the position of interim CFO."

Photos: Ralph Lauren, Facebook