Ralph Lauren to remain on until 2017

Ralph Lauren, founder and chief executive of the

eponymous fashion brand, has announced that he will remain at the helm of the business until 2017. The 72-year-old designer signed a new five year contract on June 26, meaning that he will remain in his position until April 1, 2017.

According to reports, under the new contract his annual base salary will increase by 40 per cent to $1.75m (£1.1m), and he will have a target bonus opportunity of $9m for each year during his contract.

In May, the company reported a year of "spectacular growth" with double-digit gains in its fourth quarter and full-year results. 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.