|Paris salutes Marc Jacobs brand direction
Marc Jacobs, the American designer credited with transforming Louis Vuitton from “stodgy luggage house'' to global fashion giant received a standing ovation as news of his departure broke in Paris.
Jacobs is wrapping up his 16-year tenure to concentrate on a stock exchange flotation of his own brand, estimated by market sources to be “approaching the billion-dollar leagues.’’
Under his creative direction, Louis Vuitton has become one of the most sought after luxury brands, particularly in Asia, AFP reports.
The news coincided with Jacobs' last show for Louis Vuitton, on the final day of the Paris ready-to-wear collections. A celebration of his work for the label, it was presented entirely in black, just as his first was.
Jacobs and Bernard Arnault, chairman of Louis Vuitton parent company LVMH, confirmed the move to industry journal Women's Wear Daily following months of speculation.
The designer, whose contract had been due to expire at the end of the year, had been in contract negotiations with Louis Vuitton and LVMH.
The 50-year-old, who pioneered Louis Vuitton's first ready-to-wear clothing collection in 1997, was hailed for his innovation at the luxury brand.
“Jacobs leaves Vuitton after a dazzling 16-year run during which he orchestrated the transformation of the leather goods giant from a stodgy luggage house to a global fashion presence,'' WWD said.
“He pioneered the concept of the fashion-art runway collaboration, first with Stephen Sprouse and later, with several artists including Takashi Murakami and Richard Prince,'' it said, recalling how the bags he designed with Sprouse and Murakami became global phenomena.
It is understood that the initial public offering, expected within the next three years, will require Jacobs to be fully focused on his own brand in order to ensure the highest possible valuation.
A successor has not been named but Louis Vuitton is understood to have held talks with former Balenciaga designer Nicolas Ghesquiere.
Frenchman Ghesquiere parted company with Balenciaga in November 2012 following a 15-year tenure.
Jacobs attended the Parsons School of Design in New York before joining forces with Robert Duffy who has been his business partner since the mid-1980s.
His first collection for the Marc Jacobs brand came in 1986. Marc by Marc Jacobs was introduced in 2001.
The news of his departure came as nine days of ready-to-wear fashion for spring/summer 2014 were due to wrap up in Paris later today.