October 03, 2013 09:17:20 GMT
Jacobs is leaving his position as creative director at Louis Vuitton and the luxury company is reportedly eying former Balenciaga designer Nicolas Ghesquiere for the position.
Designer Marc Jacobs is going to leave his position as creative director at Louis Vuitton to concentrate on his own label. Jacobs has been working with LVMH, the owner of luxury brands such as Louis Vuitton and Moet & Chandon, for 16 years.
According to Women's Wear Daily, Jacobs leaves the position because he wants to focus on an IPO for his Marc Jacobs brand. Jacobs, LVMH and a business partner jointly own Marc Jacobs label. The offering reportedly will take place in three years.
"When we started together, Marc Jacobs was a tiny business of around $20m [revenues]. Now the totality of sales is approaching $1bn. It has been enormous growth," LVMH's chairman and chief executive officer Bernard Arnault said on Wednesday, September 2. The company has not revealed Jacobs' successor, but reports link the position to former Balenciaga designer Nicolas Ghesquiere.
Jacobs and Arnault attended the company's fashion show in Paris on Wednesday morning as the news of Jacobs' departure emerged. According to the New York Times, guests at the show could feel that it would be Jacobs' last show at the company as they saw several elements of Jacobs' shows in the past. Fashion and style director of W magazine Edward Enninful said, "It's like a funeral."
At the end of the Wednesday show, Vogue's editor Anna Wintour led a standing ovation which was followed by the press members and the Arnault family. Jacobs did not comment on his exit backstage. "Farewell? I never say farewell," he said.