Karl Lagerfeld leaving Chanel?

Is he or isn’t he? Since Friday, rumors have swirled that Karl Lagerfeld may not be renewing his contract with Chanel, subsequently handing over the reigns to Alber Elbaz, whose empty seat at the helm of Lanvin would be filled by Olivier Theyskens. It’s all very complicated. While Lagerfeld is slated to play the voice of the villain, Fabu, in the French-animated TV show-turned-movie Totally Spies, that’s probably not enough to make him give up his title as a fashion king, and both Chanel and Lanvin issued statements denying any gossip. Derek Blasberg of Style.com thinks otherwise: Twittering Monday from the Biennale in Venice, which was full of fashion insiders, Blasberg wrote, “Hold up now, y´all. Word on the street here in Venice is that maybe some of this fashion designer shuffling is true.”