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Chanel is denying this morning's blockbuster rumor that Karl Lagerfeld is leaving the label. "After Diane Pernet reported on her blog A Shaded View on Fashion that Karl Lagerfeld supposedly didn't renew his contract with Chanel, we inquired about the rumor's veracity directly with the label. A spokeswoman responded with an emphatic 'No!'" That must have been a fun call to make. [The Cut; Previously]