Marc Jacobs to leave Louis Vuitton
Marc Jacobs is to leave French fashion brand Louis Vuitton after 16 years as creative director. The New York-based designer, who has been credited with transforming the brand from a traditional luggage firm to one of the best-known luxury brands in the world, is to take his own brand public in the next three years.
LVMH, which owns the Louis Vuitton brand and acquired a majority stake in Marc Jacobs in 1997, has signed a deal with the designer and has committed itself to helping out with the label’s initial public offering.
LVMH chief executive, Bernard Arnault, said: “When we started together, Marc Jacobs was a tiny business of around $20 million. Now the totality of sales is approaching $1 billion. It has been enormous growth.”
The Louis Vuitton brand notched up revenues of €7 billion ($9.5 billion) in 2012, accounting for more than 50% of LVMH’s operating profits. However, in April the brand posted its weakest leathergoods and fashion sales since 2009.
Reports suggest Louis Vuitton may be close to appointing Nicolas Ghesquière, who previously served as a designer at Balenciaga, part of the Gucci Group, to replace Mr Jacobs. The brand has already appointed Darren Spaziani, who has worked with both designers in the past, to develop a high-end accessories range.
