American fashion designer Marc Jacobs is stepping down from his role as Creative Director of Louis Vuitton after 16 years with the luxury label,The Wall Street Journalreports.
According to Louis Vuitton Chief Executive Michael Burke, Jacobs is preparing his brand, which he co-owns with LVMH, for an initial public offering. Jacobs recently expanded into beauty for the first time after developing a comprehensive collection with beauty retailer Sephora, also owned by LVMH.
"We’re doing what’s good for Marc and the future of his company,” said Burke. The luxury label is said to be looking at hiring Nicolas Ghesquière, former Balenciaga designer, to give the brand “a new burst of creativity”.