Marc Jacobs Leaving Louis Vuitton After 16 Years: Rumors Officially Confirmed

Marc Jacobs announced he is leaving Louis Vuitton to shift focus to his own brand, Marc  Jacobs.

After swirling rumors, Louis Vuitton owner LVMH has offficially confirmed the departure of the American designer.

Jacobs will depart after 16 years with the French fashion label.

On the final morning of this season's Paris Fashion Week,  LVMH chairman and CEO Bernard Arnault and Marc Jacobs announced his departure.

In 2014, Marc Jacobs' contract will run out, and he has decided not to renew it.

Instead, he and buisness partner Robert Duffy will focus along  on an IPO for his own multi-million dollar Marc Jacobs brand. That shift is expected to occur within the next three years.

He is likely to be replaced by Frenchman Nicolas Ghesquière. Ghesquière left Balenciaga in November--he was replaced by Alexander Wang. He is currently caught up in a court battle over his departure.