Ralph Lauren, 75, has officially decided to step down as C.E.O. of one of the largest and most swooned over fashion empires in the world and honestly, this is huge news.

Maybe this sounds dramatic, but Ralph Lauren has absolutely influenced your life and, more importantly, your closet, at some point or another by holding high positions in H&M, Gap, Old Navy, and of course, Ralph Lauren throughout his professional life.

So Meryl Streep in The Devil Wears Prada was absolutely correct in telling you that the soft, raggedy old sweater you cannot seem to part with was chosen for you by a world famous--pardon my exaggeration-- hero. In just the past year alone, Mr. Lauren successfully added and integrated three new brand to his empire: Polo for Women, Polo Sport, and Denim and Supply, and honestly, we were thankful for them all.

Don’t entirely panic, though, as Mr. Lauren says he will remain very close to the company serving as Executive Chairman and Chief Creative Officer. As he should, Mr. Lauren feels as though he still has relevant, new, and interesting ideas to offer to American fashion. He has said, “When they start designing things I cant understand, I’ll quit.”

Thankfully, the timeless country club prep look he has perfected time and time again isn’t going anywhere soon. He has also confirmed that a close friend, Stefan Larsson, will be taking over as Chief Executive of the Ralph Lauren Corporation which will be effective in November.

Of course you are probably extremely worried about the future status of the company. I mean, you don’t leave your child with just anyone; especially when that child is worth 12 billion dollars holding strong onto spot 89 of Forbes’ Most Valuable Brands. But, after extensive research, I am hopeful and you should be too. Larsson is currently the president of Old Navy and is doing a really good job.

You’re probably thinking Old Navy is way less chic than Ralph Lauren, and while that might still be true, Larsson has been making incredible corporate improvements throughout his entire stay at the company.

In addition to that, Larsson was responsible for increasing annual revenue from $3 billion to $17 billion for H&M which is now easily accessible in forty four countries instead of the starting twelve Larsson was handed at the beginning of his fifteen years there. Futhermore, Larsson has a strong fan following as shown by the 3% fall in Gap shares and the 5% increase in Ralph Lauren shares with the release of this news.

Even though these stats seem super convincing and Larsson seems extremely qualified for the job, we’re still glad Mr. Lauren isn’t going too far.

So, even though you broke our hearts, it’s a well-deserved “retirement”, Mr. Lauren. We are so thankful for absolutely everything from your short Friends cameo to your quarter zips our mom’s shoved our brothers in for every single Christmas card photo.

Maybe not now, but eventually, we will also forgive you for ruining America’s favorite fashion show: the Olympics. Really, who is going to style America now? In all seriousness, you have made overdressing for every occasion not only easy but also incredibly enjoyable.