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The rumors preceding Marc Jacobs' exit from Louis Vuitton to focus on an initial public offering for his eponymous brand have proven true (thanks anonymous informant familiar with the situation!). The New York Times reports that though there has been no public announcement, Jacobs confirmed his departure to Times fashion critic Suzy Menkes backstage at LV's Paris show.
He'll concentrate on his IPO, which is slated to occur in the next three years, and the company is estimated to be worth about $1.35 billion at current exchange. In other words pay day is a-coming.
· Marc Jacobs to Leave Louis Vuitton [NYT]
· Track the Marc Jacobs/Vuitton/Ghesquière Rumors [Racked]