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American fashion designer Alexander Wang has stepped down as chief executive of his namesake label, effective immediately, and will be replaced by former Goop and Martha Stewart Omnimedia executive Lisa Gerth.

At Goop, Gersh served as chief executive and oversaw its Goop-branded products and advertising revenue. Prior to Goop, she was chief executive of Martha Stewart Living Omnimedia and served in executive roles at NBCUniversal and was co-founder and president of Oxygen Media.

Wang will remain at his eponymous brand, as chairman and creative director.

In addition, the US label also confirmed the appointment of former Farfetch chief marketing officer Stephanie Horton as its new chief strategy officer, a newly created position at the company. Prior to Farfetch, Horton held senior positions at Shopbop, Vogue and The New York Times.

Commenting on the move, Wang said: “The appointment of chief executive, and the addition of a chief strategy officer position, highlight our ongoing strategy of productivity and diversification. In a rapidly changing retail environment, it’s necessary for us to continually challenge the status quo.

“In my year as chief executive I’ve been able to reflect and assess the strengths and opportunities of the company and set the stage for future growth. Lisa and Stephanie’s diverse backgrounds in the media, lifestyle, and digital landscape will help us continue to position the business to expand into new categories and territories.”