The CEO Of Ralph Lauren Is Surprisingly Excited About People Not Owning Their Clothes

Take a look inside your closet right now. How many sections do you see? If the answer is “just one,” don’t worry—you’re probably about average. But Patrice Louvet, the CEO of Ralph Lauren, would like you to know that you might need to rethink your use of closet space in the very near future. “If you fast-forward five years from now, 10 years from now, it’s very likely that your closet is going to look like it has three distinct sections,” Louvet said this morning at the annual meeting of the World Economic Forum in Davos, Switzerland. What does he mean by that? Louvet said the wardrobe of a typical consumer will consist of three categories: rented clothes, pre-owned clothes, and new clothes. And despite running a massive fashion brand that made $6.3 billion in revenue last year, Louvet is surprisingly bullish on the idea that not everyone these days wants to buy new clothes, or even own them. Read more at Fast Company.