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WWD is reporting that Marc Jacobs, together with longtime business partner Robert Duffy, will be leaving Louis Vuitton. Jacobs has been with Louis Vuitton for 16 years and has overseen shift in perception of Louis Vuitton from that of a traditional luxury leather goods brand to one of the most influential fashion houses in the world. It is being reported that Jacobs is vacating his position as creative director for Louis Vuitton to focus on a potential IPO for the Marc Jacobs brand. No official word yet on who might succeed as Jacobs but rumor has it that Nicolas Ghesquière, formerly of Balenciaga, might be a frontrunner for the now vacant position. Head over to WWD to read the full piece.