Marc Jacobs Leaving Louis Vuitton

Marc Jacobs confirmed on Wednesday that he will be leaving Louis Vuitton to focus on bringing his self-named label public. After months of rumors, Women's Wear Daily was first to confirm the news of Jacobs' departure, which broke soon after the storied French fashion house debuted its Spring 2014 runway show in Paris.

News surfaced in June that LVMH had an interest in bringing Marc Jacobs public, sparking rumors that Jacobs may leave the fashion conglomerate for a post at Coach. Those rumors cooled, however, when Coach hired Stuart Vevers as creative director.

Jacobs' departure comes after the designer spent nearly two decades transforming Vuitton into a global luxury fashion brand. Contracts for Jacobs and his business partner, Robert Duffy, will expire at the end of the year. Women's Wear Daily reported that Nicolas Ghesquiére was currently the frontrunner to replace Jacobs.

The conclusion of Wednesday's Vuitton show in Paris also served as the official start of Jacobs focusing on the IPO. "You are a class act," Marie Claire creative director Nina Garcia tweeted at the conclusion of the show. "What a beautiful way to say goodbye to Louis Vuitton."