Lauren says staying current while maintaining an identity is a difficult process: "I think you still have to view every year as a new year and every season as a new season."

He says the Ralph Lauren Corp has managed to stay current by building new brands that continue to evolve, but he wants his brands to stay timeless.

"When we talk about classic, that sounds boring. Timeless is how to stay exciting and interesting, because it's ... about moving forward and changing. The constant changes over the years have helped the company move forward."

Lauren says it's nice to be labeled an American icon, but as the company's founder, he works hard to build concepts and develop teams.

"The next 50 years should be very exciting".