After months of speculation, multiple sources confirmed in Paris this morning that Marc Jacobs will be leaving his role as artistic director of Louis Vuitton. Jacobs will exit the French heritage label after 16 years at the helm.

The announcement came shortly after Jacobs showed his final collection for Louis Vuitton at the Cour Carrée of the Louvre in Paris, which adds extra poignancy to an already somewhat magical, whimsy-wrought collection filled with graffiti scrawls professing the designer’s love for Paris and feather mohawks. Jacobs was given a standing ovation at the end of the show.

Related Stories

Zendaya Just Wore A Literal Tiger Suit To Paris Fashion Week

Kylie Jenner Is Bringing Back the Emo Side Bang

MORE: See Every Look From Marc Jacobs’ Spring 2014 Collection

Jacobs is reportedly leaving to focus on his own brands—Marc Jacobs and Marc by Marc Jacobs—as the designer is planning an IPO within the next three years, WWD reports. Where an IPO is concerned, Jacobs would be in good company: brands like Michael Kors and Prada have also staged highly successful public offerings within the last few years.

Earlier this year, rumors swirled that Jacobs would leave Vuitton to take over Reed Krakoff’s role as creative director at Coach—though those reports proved false.

MORE: Marc Jacobs Hearts Beetlejuice: Here’s Proof

The move also comes as LVMH has been doing some maneuvering behind the scenes at other labels—most notably taking a minority stake in rising star label J.W. Anderson, and tapping Anderson to become the creative director for Loewe.

UPDATE: Amid speculation that Jacobs might be parting ways with Vuitton because of beef between them, he sat down with WWD this morning with business partner Robert Duffy, revealing, “We had just—probably brought on by the [WWD] story and all the rumors—we just decided like [today].”

Watch Jacobs’ final collection for Louis Vuitton below!