The Daily Grind Video

Can we cry now?

For the last 16 years, Marc Jacobs has been synonymous with Louis Vuitton. Today, after much speculation over the weeks prior, the designer has announced his official resignation from the French fashion house.

Rumors have been swirling all week suggesting that Nicholas Ghesquière was in talks to take Marc’s place and is the front-runner to helm the LVMH luxury brand after Jacobs leaves.

While there has yet to be an official public announcement, Jacobs confirmed his departure to Times fashion critic Suzy Menkes backstage at LV’s Paris show. But this doesn’t mean one of the most daring designers of our time is quitting fashion all together. According to a multitude of reports, Marc will concentrate on his IPO, which is slated to occur in the next three years, where his namesake company is estimated to be worth about $1.35 billion at current exchange.

Marc won’t be in the poor house with that kind of coin! As for his final show with the brand, it was described as “dark” and almost like a funeral, as some of the pieces included a “final farewell.”

New York Times reports:

A jumpsuit with graffiti reading ‘”I Love Paris’’ was part of the “goodbye” show. “It was an ode to Paris and to all the people I have been involved and work with. This city has been so great,’’ said Mr. Jacobs, who is expected to return to his native New York, where his own company is based. He plans to take the company public within the next three years, according to a report in Women’s Wear Daily, attributing confirmation to Mr. Arnault.

Le sigh. Come home to NYC, Marc! We’ll be waiting.