UPDATE: Lanvin Creative Director Alber Elbaz Asked to Step Down by Label Owner

Business of Fashion has reported Alber Elbaz’s sudden departure from his position as Creative Director of French luxury fashion house Lanvin was due to “the decision of the company’s majority shareholder,” in a signed statement released by the designer. The French brand has been led by Elbaz as its head designer for the past 14 years, but tensions have been reported between owner Shaw-Lan Wang and chief executive Michèle Huiban over disagreements on the direction in which the label was heading amidst declining profits over several consecutive quarters. With a 10% stake in Lanvin, Elbaz is sure to receive a significant payout upon his departure, leaving him the possibility of entertaining the chief creative position at Dior which was last held by the popular Raf Simons, who left only last week. Find the designer’s full statement below.