The young breed of designers in New York are working hard and successfully expanding their businesses but don't be fooled, the established designers aren't relaxing. Giorgio Armani has spoken out recently about keeping busy with his empire, Valentino Garavani has been busy working with the New York Ballet despite retiring in 2007 and you can add Ralph Lauren to that list.

The 72 year-old told WWD that he took home a whopping $36.3 million last year and like Armani, confirmed that he has no intention of stepping down from his label any time soon.

According to the title, Lauren has signed a new contract that will see him continue as chairman and cheif executive officer of Ralph Lauren until 2017, and that's not all. Not content with his existing salary, the new contract also outlines that he'll get a 40 per cent salary increase taking his income from $1.25 million to $1.75 million a year.