Marc Jacobs to step down at Louis Vuitton

French luxury conglomerate LVMH Moet Hennessy Louis Vuitton says Marc Jacobs is stepping down as creative director of its flagship brand Louis Vuitton.

Jacobs, who is also the director of an eponymous brand, is one of the biggest names in the fashion industry. Under his tenure, Louis Vuitton became the most lucrative fashion house in the world, in part thanks to his creation of a ready-to-wear line.

He held Wednesday what will likely be his last show at the head of Louis Vuitton.

LVMH, which owns the Louis Vuitton brand and an array of other luxury names in everything from jewelry to champagne, would not say who would replace Jacobs or what his next move would be. (AP)