Celebrity News October 02, 2013
Marc Jacobs Steps Down from Louis Vuitton, Steps Up IPO
Designer Marc Jacobs is leaving Louis Vuitton to concentrate on his own brand's IPO.
The French luxury company announced on Wednesday that Jacobs is exiting as creative director. Jacobs, 50, ran the brand for 16 years and helped Louis Vuitton become one of the most lucrative fashion businesses in the world.
Women's Wear Daily reports the popular designer can now focus on an IPO for the Marc Jacobs brand, which could come some time in the next three years.
Nicolas Ghesquière, formerly of Balenciaga, is rumored to be the frontrunner for Jacobs' job.
Jacobs' move to go public follows several similar decisions by high-profile fashion brands. Prada raised $2.14 billion in its initial public offering in June 2011, and Michael Kors followed suit with IPO that raised $944 million.
