Marc Jacobs to leave Louis Vuitton

<p>Marc Jacobs is leaving his position at Louis Vuitton.</p>

Marc Jacobs is set to step down from his role as creative director at Louis Vuitton as the firm closes in on its initial public offering (IPO).

LVMH chairman and chief executive officer Bernard Arnault confirmed that Jacobs will be standing down from the company in an interview with Women's Wear Daily.

Plans are ongoing to float Louis Vuitton on the stock market and it is expected the IPO will happen at some point in the next three years.

Twitter is among the big companies to have announced in the last few months that it is pursuing an IPO.

Jacobs will leave Louis Vuitton after 16 years at the company that has seen its fortunes turned around from when he joined.

Nicolas Ghesquiere has been named as the frontrunner to take over the role of creative director at the fashion house from Jacobs, but no announcement has yet been made by Mr Arnault.

US designer Jacobs is now expected to focus on his own brand after leaving Louis Vuitton. He already has hundreds of retail stores bearing his name all over the world.

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