One of the fashion industry’s top names is stepping out on his own.
On Wednesday, Louis Vuitton (LVMUY) announced that its creative director, well known designer Marc Jacobs, will leave his position. Jacobs is preparing to launch his own brand, which could see an initial public offering within three years, USA TODAY notes.
Also expected to depart Vuitton is Robert Duffy, Jacobs’ business associate. Nicolas Ghesquière is rumored to be in the lead to succeed Jacobs at Vuitton.
Jacobs helmed Vuitton’s design team for 16 years. He helped steer the French company from a producer of high end luggage to a top global fashion brand.
Last month, Jacobs issued an apology and yanked one of his shirts off store shelves after consumers noticed similarities between its logo and the cover art from an album released by a 1980′s British neo-Nazi music group.