Marc Jacobs will reportedly leave Louis Vuitton to focus on his own label.

It's speculated the American fashion designer won't renew his 10-year contract with the French fashion house after 16 years as creative director because he wants to concentrate on expanding his eponymous line.

It's believed the move could result in luxury goods conglomerate LVMH putting their majority stake in Marc Jacobs International up for grabs in an initial public offering (IPO).

Despite the profitable prospect of an IPO, a source told WWD magazine that Jacobs and his business partner, Robert Duffy, ''are not yet on board''.

Meanwhile, LVMH are reportedly in talks with former Balenciaga creative director Nicolas Ghesquière to become a potential successor to the 50-year-old designer.

Marc's departure might not be for a while as he is still contracted to design more collections for Louis Vuitton, including the autumn/winter 2014 show in addition to his forthcoming spring/summer 2014 show - which will take place in Paris on Wednesday (02.10.13).

Marc and his long-time collaborator Robert Duffy are due to be honoured with the Fashion Group International's Superstar Award on October 22 to celebrate their success building the Marc Jacobs fashion brand.