Marc Jacobs is leaving Louis Vuitton

It has been confirmed by LVMH chairman and CEO Bernard Arnault that designer Marc Jacobs is leaving

Louis Vuitton after 16-years to focus on his own label. Following months of speculation, Jacobs presented his final show for the brand this morning that included a celebration of his greatest hits, which was met with a standing ovation.

The designer is set to concentrate on his own label as it prepares to go public, with the initial public offering expected to take place within the next three years.

With the confirmation of Jacobs’ exit the speculation now focuses on who will be his successor at Vuitton, with rumours indicating that former Balenciaga designer Nicolas Ghesquière is the likely candidate.