After 16 years at Louis Vuitton, designer Marc Jacobs said he'll be leaving his position as creative director to focus on his own line, which is currently valued at nearly one billion euros.
Jacobs hasn't made a formal announcement just yet, but confirmed his intentions to move on from LV backstage at his Spring/Summer 2014 show in Paris. An unnamed executive at LVMH Moet Hennessy Louis Vuitton told the New York Times that the legendary designer would, indeed, be leaving the French fashion house.
At the end of his runway show Wednesday, the words, "For Robert Duffy and Bernard Arnault, All my love, Always," were included in his notes for the program. The dedication referred to Jacobs' business partner, Duffy, along with the chairman and CEO of LVMH, Arnaut.
Rumors began swirling around the reason for Jacobs' departure almost immediately after the news was confirmed. According to USA Today, some said that the designer, who propelled Louis Vuitton into the spotlight as one of the most modern and lucrative brands, might be moving on to Coach. Others speculated that Jacobs was working on a stock market launch for his eponymous label, with intentions to sell portions of the brand to the public. Some fashion industry insiders whispered that LVMH had serious issues with Jacobs' reported eccentric and inconsistent behavior, and that was the reason he was walking away from Vuitton.
But according to the executive who spoke with the New York Times, the work that Jacobs put out for Vuitton was "inoui," or amazing, and LVMH was on good terms with the designer.
Women's Wear Daily speculated that Nicolas Ghesquiere, an ex-designer for Balenciaga, is first in line to take Jacobs' spot.
Marc Jacobs, who made the neon graffiti scrawled over Louis Vuitton's signature "LV" leather iconic, will return to his to his native New York, where his brand is currently based.
Fashion director of Neiman Marcus Ken Downing referred to Jacobs as being "absolutely significant" in the fashion world. The man who brought back multicolored EPI handbags, Downing told the New York Times, commanded the attention of couture enthusiasts for years.
"But as we have seen at many other houses, designers have taken a hiatus or been replaced by other talents," Downing stated. "It has been a Marc moment for many years here, but fashion is an industry of change. It is never the same day any day."
