Diane Pernet reported today that Karl Lagerfeld will not be renewing his contract at Chanel. [Sigh] Thank god. Karl has been controlling too much of fashion for far too long; from his roots at Chloe to his reign on Fendi and his own Lagerfeld line; he sort-of needs to die (he’s 75) for fashion to move forward and reinvent itself. Rumor says Alber Elbaz of Lanvin will take his place atop Chanel, while Nina Ricci’s former, Olivier Theyskens, will take his place at Lanvin. Excited to see how Theyskens will update Lanvin and how Karl’s words will come back to haunt him when Elbaz takes his seat (he has voiced for years his distaste for the obese). I still think Hedi Slimane could do a hell of a revamp for Chanel, but, we’ll have to see what pans out, as this is still only a rumor.