New York designer Marc Jacobs is leaving Louis Vuitton, the fashion label he has led as creative director for 16 years. The announcement was made in Paris, after the fashion show where the 50-year-old designer displayed his spring and summer fashion collections for 2014, his last for the French luxury brand.
Marc Jacobs heads to the stock exchange
French business magazine Challenges already talked about the resignation last week and believes that Arnault, CEO at LVMH, had already planned this a while ago. Replacing the CEO and the creative director at the time was impossible, which apparently led to Jacobs’s contract being extended for a single year. The current state of affair allows Arnault to increase Louis Vuitton’s position as an exclusive brand, as was his goal.
The American designer has been thinking about bringing his own brand to the stock exchange for quite a while, a process he now intends to speed up. His initial public offering should be pushed through within three years. Louis Vuitton’s parent group LVMH will be backing Marc Jacob’s plans, as it owns one third of the label’s stock, with Jacobs and Duffy owning another third each.
Frenchman with Belgian roots tipped as successor
If rumours are to be believed, Nicolas Ghesquière might be appointed as his successor: the Frenchman with Belgian roots has worked for Balenciaga for years and is not only currently “available”, but also scores well with fashion connoisseurs and with Delphine Arnault, Louis Vuitton’s number 2 and daughter of the CEO.
LVMH has chosen not to react to the rumours, stating it will take its time to deal with the succession.