WWD reports a rather interesting news that prominent fashion designer Marc Jacobs is leaving Louis Vuitton to focus on IPO. Interesting. The designer leaves after a sixteen year (16) tenure with the company.
See an excerpt of the report below.
“Marc Jacobs is leaving Louis Vuitton as plans take shape for an eventual public offering for the Marc Jacobs brand.
LVMH chairman and ceo Bernard Arnault, together with Jacobs and his long-time business partner Robert Duffy, confirmed the developments to WWD following months of speculation.
The applause that rang out this morning from the vast tent in the Cour Carrée of the Louvre signaled the end of Jacobs’ tenure as creative director for the storied French house and the official beginning of Jacobs’ IPO preparation. The offering should occur within the next three years. WWD first reported on June 10 LVMH’s interest in taking Marc Jacobs public.
Jacobs’ successor at Vuitton has not been named, nor has a decision been made, though strong indicators continue to point to Nicolas Ghesquière as the frontrunner. . .”
WWD has the full story.