Marc Jacobs is exiting Louis Vuitton. But fret not, he'll be just fine. He's ending his 16-year tenure at the French house to concentrate on taking his own brand public, according to WWD. Going IPO will make him fabulously wealthy, along with his business partner, Robert Duffy, who each own a third of the trademark (along with LVMH, which also owns a majority of the Marc Jacobs label.)
Following months of intense speculation, the news was pretty much a foregone conclusion by this morning, when his spring collection for LV received extra thunderous applause. Jacobs' and Duffy's 10-year contracts with LVMH are coming to an end later this year, which ignited the heated predictions in the first place.
Of course, there is the matter of who will succeed Jacobs at Vuitton. Though not confirmed, there's every indication the job will go to Nicolas Ghesquière, who abruptly departed Balenciaga early this year. His legal battle with the label, for allegedly violating a confidentiality clause upon his exit, is ongoing. A preliminary hearing is set for October 15, at which time the Louis Vuitton question will likely, probably, possibly, maybe be answered.