Marc Jacobs is leaving Louis Vuitton after being with the brand for 16 years. LVMH chairman and CEO Bernard Arnault confirmed the news after the show. Jacobs wants to focus on his own label as it heads towards an IPO.

"Marc has provided fashion with so much during his years at Vuitton," said Vogue editor Alexandra Shulman this morning. "It's important to know how to exit, as well as arrive, and it's going to be exciting to see how this impacts on the creativity in his own line."

Jacobs' final show for the brand was presented today, created entirely in black to celebrate his greatest hits, as was his first show for the label. The set included pieces from past shows such as a carousel, escalators, a lift, a fountain and a large clock.

The designer dedicated the show to all the women who have inspired him and "the showgirl in every one of them". Bernard Arnault led a standing ovation for the designer.

The IPO is set to take place within the next three years. LVMH, which owns Marc Jacobs, is said to be keen for Jacobs to focus on his label as an IPO approaches.

Louis Vuitton hasn't named a successor yet, but former Balenciaga creative director Nicolas Ghesquière is a reported frontrunner.

Watch Jacobs' last show here.