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We were up late last night, at a moment when a very weighty rumor made its way through the Twitterverse, and we are inclined to classify it as a nightmare until more sources appear to verify.
From the blog of Diane Pernet, a fashion personality and founder of Iqons.com, comes this bombshell:
This is not a fact until you officially read it somewhere else [Ed. Note: are we waiting for WWD to verify then?] but rumour has it that Karl Lagerfeld will not renew his contract at Chanel and that Albert Elbaz will take his place and Olivier Theyskens will take Albert's place at Lanvin. Both choices make perfect sense to me... Nothing is engraved in cement, these are still just rumours you will have to wait and see.We won't get all riled up quite yet, but this rumor alone is enough to get us pondering what the House of Chanel would become without Karl. No more high collars, that's for sure.
· Fashion Rumour Karl Did Not Sign His Contract, Rumour Has It... [A Shaded View of Fashion]
· All Karl Lagerfeld Coverage [Racked]