Valerie Hermann promoted at Ralph Lauren

Stefan Larsson has made some adjustments to his executive management team.

Valerie Hermann, global brand president, Ralph Lauren luxury collections, has been promoted to global brand president, luxury, Women's collections, and World of Accessories, the firm said in an 8k filing with the Securities and Exchange Commission. Hermann joined the company in 2014, and now she will be responsible for all luxury brands with the addition of women's Polo, Lauren, Chaps, Denim & Supply, and all women's and men's footwear, accessories, and denim.

According to the filing, Hermann will begin in her new role on April 4, and will continue in her new role until 2020. She will be entitled to a base salary of 950,000 dollars and will also be entitled to participate in the bonus program.

Before joining Ralph Lauren, Hermann was president and chief executive officer of Reed Krakoff, and before that she was chief executive officer of Yves Saint Laurent in Paris.

Larsson is revamping Ralph Lauren's strategy as the company's business has been struggling lately. An assessment of the company's position and multi-year growth strategy is expected to be completed within the next few weeks and presented to Wall Street in late spring. He has described the performance of the business as "very disappointing."

Hermann will have to aid in turning that around, and in an economic market wear sales for luxury goods is sluggish she will have her work cut out for her.