Marc Jacobs, who has been with Louis Vuitton for 16 years says so long to the company as he departs to concentrate on his own brand. Jacobs is going to step down as the creative director for Vuitton and it is rumored that his business partner Robert Duffy will be joining him.
The world famous designer is leaving to set up an IPO for his Marc Jacobs line that is expected to hit shops within three years. There were whispers that the 50 year-old designer was going to leave the company in June. It was rumored then that he would be stepping into be creative director for Coach.
But Jacobs’ didn’t take that position as Stuart Vevers stepped into the job opening instead. But during Paris Fashion Week, more rumors surfaced stating that Jacobs’ contract was not going to be renewed in 2014. It was also hinted that Nicolas Ghesquière was to be Vuitton’s new creative director.
It has not been confirmed that Ghesquière has actually been hired, but according to reports, he is the top choice. But since Robert Duffy will no doubt be following his business partner Jacobs’ lead, there should be another slot to fill over at Vuitton.
Marc Jacobs saying so long to Louis Vuitton and, presumably, Robert Duffy’s imminent departure will end an almost two decades of association with Louis Vuitton. Their departure will also signify the end of an “era” it as well as marking the official beginning of the IPO.
It has become quite fashionable for well-known and high-end fashion houses to go public. When Prada went public in 2011, the company saw proceeds in excess of $2 billion. Michael Kors made the same move December last year to pull in a cool $944 million. Recently, Furla, J Brand, Tory Burch and Valextra have all been rumoured to be considering the move to become the next IPO.
But before any of the aforementioned fashion houses make their move, the highly visible Marc Jacobs has made his. It is believed that Jacobs’ decision could overtake all his competitors in terms of investment. This, combined with the talents of Jacobs and Duffy would give the two an important advantage. Women’s Wear Daily have reported that they believe the new business will “explode.”
While Marc Jacobs worked at Louis Vuitton, he helped the fashion house become a world leader in fashion and in terms of earning power. Jacobs assumed the role of creative director in 1997 for Louis Vuitton which is part of the LVMH (Moet Hennessy Louis Vuitton SA) a group of firms which own an array of other luxury names in everything from jewellery to champagne.
Women’s Wear Daily related the news that Jacobs was leaving and the CEO of LVMH, Bernard Arnault verified the information. The announcement of Marc Jacobs saying so long to the Louis Vuitton fashion house came to light after the October 2 Vuitton Collection at Le Carre du Louvre opened featuring Edie Campbell in a black thong, feathered headdress, and body paint. This Vuitton show was Jacobs’ last.
By Michael Smith