Marc Jacobs is leaving Louis Vuitton after 16 years as creative director.
The news was confirmed by the French fashion house today (via WWD), following the unveiling of its spring/summer 2014 collection on the final day of Paris Fashion Week.
The designer's Vuitton contract expired this year prompting much speculation that he was preparing his exit.
It's believed that Jacobs wants to concentrate fully on his label. (According to reports, he won't be severing ties with LVMH. He and partner Robert Duffy will be focusing on a massive global expansion of the Marc Jacobs brand.)
A successor for Jacobs has not yet been named, but former Balenciaga creative director Nicolas Ghesquiere is widely considered the front-runner for the role.
Jacobs is widely credited with transforming Louis Vuitton into one of the fashion industry's biggest and most succesful luxury labels.